Fujairah fuel oil inventories down 9% in October so far

Fujairah’s fuel oil stocks have averaged 9% lower in October so far than across September, Fujairah Oil Industry Zone (FOIZ) and S&P Global data shows.

Changes in monthly average Fujairah stocks from September to October (so far):

• Heavy distillate and residual stocks down 392,000 bbls to 4.10 million bbls
• Middle distillate stocks down 27,000 bbls to 2.40 million bbls

Fuel oil stocks remain above August’s average of 3.93 million bbls. Middle distillate stocks have risen by 853,000 bbls from August’s average of 1.54 million bbls.

Fujairah’s fuel oil imports have averaged 105,000 b/d in October so far, down 28,000 b/d from 133,000 b/d in September, according to cargo tracker Vortexa. Russia accounted for 23% of the imports, followed by Syria (19%) and Saudi Arabia (18%).

Fuel oil exports from Fujairah have averaged 286,000 b/d, down by 71,000 b/d from September's 357,000 b/d, according to cargo tracker Vortexa. Singapore accounted for 54% of exports, followed by Pakistan (18%) and China (12%). Exports exceeded imports by 181,000 b/d, making Fujairah a net exporter.

VLSFO availability in Fujairah has improved despite ongoing disruptions 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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