Fujairah’s fuel oil stocks have averaged 2% higher so far this month than across August, 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 August to September (so far):

• Heavy distillate and residual stocks up 159,000 bbls to 9.30 million bbls
• Middle distillate stocks down 411,000 bbls to 1.73 million bbls

Fujairah has imported 286,000 b/d of fuel so far in September, a significant decline of 95,000 b/d from August, according to cargo tracker Vortexa.

In the same time period, the Middle Eastern bunkering hub’s fuel oil exports have also slumped steeply, by 110,000 b/d to 376,000 b/d.

Fuel oil imports from Iran (36%), Russia and Kuwait (14% each) have dominated Fujairah’s imports so far this month.

Almost half of the fuel oil exports from the port have headed for Singapore (49%), followed by the United States (8%) and South Korea (6%).

On the other hand, Fujairah’s middle distillate stocks have slumped, averaging 19% lower on the month.

A source says good bunker demand has kept prompt availability under pressure in the Middle Eastern bunker hub, with most suppliers recommending lead times of 5-7 days across all grades. But some suppliers can supply all grades for prompt delivery dates depending on stem sizes.

By Tuhin Roy

Please get in touch with comments or additional info to news@engine.online