Fujairah’s fuel oil inventories rise 5% this month
Fujairah’s fuel oil stocks have averaged 5% higher so far this month than across June, Fujairah Oil Industry Zone (FOIZ) and S&P Global data show, according to ENGINE X.
Changes in monthly average Fujairah stocks from June to July (so far):
Heavy distillate and residual stocks up 498,000 bbls to 9.71 million bbls
Middle distillate stocks up 224,000 bbls to 3.18 million bbls
Fujairah has imported 496,000 b/d of fuel oil in July so far, a significant increase of 271,000 b/d from June, according to cargo tracker Vortexa.
During the same period, the port’s fuel oil exports have decreased by 47,000 b/d to 167,000 b/d, shifting the trade balance to net imports this month. The majority of fuel oil cargoes have come from Iraq (33%), followed by India (14%) and Kuwait (11%).
Malaysia has been the leading destination for Fujairah's fuel oil exports, making up 61% of the total exports, followed by Singapore at 16% and South Africa at 7%.
Fujairah’s middle distillate stocks have also risen by 8% this month.
Prompt availability of all grades is tight, with lead times increasing to 7–10 days from 5–7 days last week.
