Fujairah’s fuel oil stocks decline 8% this month

Fujairah’s residual fuel oil inventories have averaged 8% lower so far this month than across December, Fujairah Oil Industry Zone (FOIZ) and S&P Global data shows.

Changes in monthly average Fujairah stocks from December to January (so far):

• Heavy distillate and residual stocks down 878,000 bbls to 10.14 million bbls
• Middle distillate stocks up 409,000 bbls to 2.99 million bbls

Fujairah’s heavy distillate and residual fuel oil inventories have remained above 10 million bbls, although they are still lower than levels seen in December.

The Middle Eastern bunker hub has imported 237,000 b/d of fuel oil so far this month, up from 204,000 b/d in December, according to cargo tracker Vortexa. The bulk of these imports came from Iraq (28%), Nigeria (22%) and Brazil (13%).

By contrast, Fujairah’s fuel oil exports have declined by 51,000 b/d to 196,000 b/d, with most volumes shipped to South Korea (24%), Singapore (19%) and Malaysia (14%).

Meanwhile, middle distillate stocks at the port have increased, averaging 16% higher than in December.

Most suppliers continue to recommend lead times of around 5–7 days for all fuel grades at the port, unchanged from last week.

By Tuhin Roy

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