Fujairah’s fuel oil stocks rose by 40% in June

Fujairah’s residual fuel oil inventories averaged 40% higher in June than in May, according to the latest data from the Fujairah Oil Industry Zone (FOIZ) and S&P Global.

Changes in monthly average Fujairah stocks from May to June:

• Heavy distillate and residual stocks up 982,000 bbls to 3.45 million bbls
• Middle distillate stocks up 225,000 bbls to 1.38 million bbls

Fujairah's heavy distillate and residual fuel oil inventories recovered modestly in June after falling to multi-year lows in May, rising to above 3 million bbls.

Fuel oil imports declined to around 3,000 b/d in June from 7,000 b/d in May, according to cargo tracker Vortexa. Meanwhile, exports surged by 154,000 b/d to 186,000 b/d.

Iran (100%) was the sole supplier of Fujairah's fuel oil imports in June. On the export side, Pakistan (31%) received the largest share of volumes, followed by the Netherlands (16%) and Egypt (16%).

Middle distillate inventories also increased, averaging 19% above May levels.

The inventory build has coincided with improved bunker fuel availability. Most suppliers in Fujairah can now offer prompt VLSFO stems, while a smaller number have LSMGO available. HSFO availability has also improved, with some suppliers able to supply the grade.

By Tuhin Roy

Please get in touch with comments or additional info to news@engine.online