Fujairah’s fuel oil stocks increase by 49% this month

Fujairah’s fuel oil stocks have averaged 49% higher so far this month than across October, Fujairah Oil Industry Zone (FOIZ) and S&P Global data shows.

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

• Heavy distillate and residual stocks up 3.48 million bbls to 10.63 million bbls
• Middle distillate stocks up 17,000 bbls to 3.10 million bbls

Fujairah’s heavy distillate and residual fuel oil inventories have risen past 10 million bbls this month, marking their highest level since April.

Imports have averaged 383,000 b/d so far, up by 44,000 b/d from October’s 339,000 b/d, according to data from cargo tracker Vortexa. Exports have increased as well, climbing by 62,000 b/d to reach 264,000 b/d this month.

Most of the incoming fuel oil volumes have come from Iran (31%), Malaysia (20%), and Iraq (11%), while exports have mainly headed to Indonesia (19%), Malaysia (17%), and Singapore (16%).

The port’s middle distillate stocks have also edged up by around 1% compared to the previous month.

Despite muted demand, prompt bunker supply in Fujairah remains tight across all grades as suppliers continue to deal with low inventories and loading delays. Lead time of around 5-7 days are recommended.

By Tuhin Roy

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