Fujairah’s residual fuel inventories have averaged 5% lower so far this month than across May, as per the latest data from the Fujairah Oil Industry Zone (FOIZ) and S&P Global.
Changes in monthly average Fujairah stocks from May to June (so far):
- Heavy distillate and residual stocks down 484,000 bbls to 9.42 million bbls
- Middle distillate stocks down 136,000 bbls to 3.29 million bbls
Fujairah’s heavy distillate and residual fuel oil inventories have declined below 10 million bbls, and are at their lowest monthly level since February.
According to cargo tracker Vortexa, the Middle Eastern bunker hub has imported 260,000 b/d of fuel oil so far this month, significantly down from 388,000 b/d in May. Nearly half of the imports have arrived from Iraq (42%), followed by Iraq (23%) and Kuwait (19%).
In the same time frame, the port’s fuel oil exports have risen marginally by 3,000 b/d to 273,000 b/d. This has tilted the port’s trade balance into a net export surplus and contributed to draw stocks. The bulk of fuel oil exports from the Middle Eastern bunker hub have departed for Malaysia (45%), the US (17%) and China (9%).
The port’s middle distillate stocks have also dipped and averaged 4% lower than last month.
In Fujairah, prompt availability of all grades is limited, with most suppliers requiring lead times of 5-7 days.
Source: Engine