News 31st May, 2023

Fujairah’s fuel oil inventories rise 15% in May


Fujairah’s fuel oil inventories averaged 15% higher in May than in April, Fujairah Oil Industry Zone (FOIZ) and S&P Global data shows.

Fujairah middle distillate, heavy distillate and residual stocks since October 2020

Changes in monthly average Fujairah stocks from April to May:

  • Heavy distillate and residual stocks up 1.48 million bbls to 11.68 million bbls
  • Middle distillate stocks up 806,000 bbls to 3.91 million bbls

Around 238,000 b/d of fuel oil has been imported to Fujairah in May, down from 259,000 b/d imported across April, according to cargo tracker Vortexa.

The UAE port's fuel oil exports have risen by a significant 102,000 b/d to 329,000 b/d in May. This has tilted its trade balance into net export surplus in May.

Almost one third of Fujairah’s imports have come from Iran in May, followed by Kuwait and Russia. Meanwhile, more than half of the fuel oil departing Fujairah in May has headed for Singapore. Croatia and Pakistan have rounded up the top three export destinations.

Fujairah's middle distillate stocks have surged in May as well, averaging 26% higher than in April.

All bunker fuel grades are in tight availability in Fujairah amid good demand, a source says. Lead times of 5-7 days are recommended across all three grades in the port. Some suppliers can offer prompt stems of all grades, but their availability depends on the stem size, the source adds.

By Tuhin Roy

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