Oil products inventories at the UAE’s Port of Fujairah dropped 17% in the week ended July 28, with declines across all product categories, according to Fujairah Oil Industry Zone data published July 30.

The total fell to 17.048 million barrels, the lowest since June 2, and shrinking the gain to 9.7% since the end of 2024.

Heavy distillates used as fuel oils for power generation and shipping slumped 23% to 7.936 million barrels, the lowest in eight weeks, while light distillates such as gasoline and naphtha fell 12% to 6.995 million barrels, a five-week low. Middle distillates such as jet fuel and diesel decreased 3.8% to 2.117 million barrels, a five-week low.

Refined products exports from Fujairah are averaging 787,000 b/d in July, the most since February and up from 617,000 b/d in June, according to S&P Global Commodities at Sea(opens in a new tab).

Fuel oil shipments from Fujairah are averaging 367,000 b/d this month, also the most since February and up from 306,000 b/d in June, the data showed.

Not counting fuel oils, naphtha was the biggest refined product exported from Fujairah at 129,000 b/d in July, compared with 110,000 b/d of gasoline, the data showed. South Korea was the top destination for fuel oil exports in July, followed by Malaysia and Singapore.

Platts, part of S&P Global Commodity Insights, assessed 0.5% sulfur fuel oil delivered to Fujairah at $510/mt on July 29, down from a recent high of $555/mt on June 19. High-sulfur fuel oil delivered to Fujairah was at $403/mt on July 29, down from a recent high of $465/mt on June 19.
Source: Platts