Fujairah’s residual fuel inventories have averaged 2% lower so far this month than across July, per the latest data from the Fujairah Oil Industry Zone (FOIZ) and S&P Global.
Fujairah middle distillate, heavy distillate and residual stocks since October 2020
Changes in monthly average Fujairah stocks from July to August (so far):
- Heavy distillate and residual stocks down 225,000 bbls to 9.14 million bbls
- Middle distillate stocks down 867,000 bbls to 2.15 million bbls
According to cargo tracker Vortexa, Fujairah has imported 381,000 b/d of fuel oil so far this month, significantly higher than 293,000 b/d in July. Around 32% of fuel oil imports have arrived from Russia, followed by Iraq (19%) and Iran (15%).
In the same time period, the port’s fuel oil exports have risen by 85,000 b/d to 486,000 b/d. The majority of fuel oil exports from the Middle Eastern bunker hub have departed for Singapore (45%), followed by Malaysia (16%) and Thailand (8%).
Middle distillate stocks have also plunged and averaged 29% lower than last month.
A source says prompt availability of all bunker fuel grades remains “super tight” amid good demand in Fujairah. Most suppliers are recommending lead times of 5-7 days across all grades in the Middle Eastern bunkering hub – almost unchanged from last week. However, some suppliers can offer prompt dates depending on stem size.
Source: Engine