Fujairah fuel oil inventories dip 1% in October

Fujairah’s fuel oil stocks averaged 1% lower in October than across September, Fujairah Oil Industry Zone (FOIZ) and S&P Global data shows.

Changes in monthly average Fujairah stocks from September to October:

• Heavy distillate and residual stocks down 49,000 bbls to 4.45 million bbls
• Middle distillate stocks down 55,000 bbls to 2.37 million bbls

Fuel oil stocks stood at 5.82 million bbls on 2 November, the highest level since 20 July, FOIZ and S&P Global data shows.

Fujairah imported 103,000 b/d of fuel oil in October, down from 133,000 b/d in September, according to cargo tracker Vortexa. Russia accounted for 22% of the imports, followed by Saudi Arabia (17%) and Singapore (14%).

Fuel oil exports fell to 279,000 b/d in October from 357,000 b/d in September, according to cargo tracker Vortexa. Singapore took 46% of the exports, followed by China (18%) and Pakistan (11%). Exports exceeded imports, making Fujairah a net exporter.

Middle distillate stocks averaged 2.37 million bbls in October, 2% below September’s 2.42 million bbls.

VLSFO availability in Fujairah has improved, despite continued disruption to vessel traffic through the Strait of Hormuz amid US-Iran tensions, a regional source said. However, supplies of LSMGO and HSFO remain limited.

By Tuhin Roy

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