Fujairah’s fuel oil stocks have averaged 7% higher so far this month than across February, 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 February to March (so far):

• Heavy distillate and residual stocks up 660,000 bbls to 9.80 million bbls
• Middle distillate stocks down 524,000 bbls to 1.75 million bbls

According to cargo tracker Vortexa, Fujairah has imported 318,000 b/d of fuel oil so far in March, significantly up by 174,000 b/d from February.

Around 32% of the port's total imports this month arrived from Iraq, followed by Russia (29%) and Iran (18%).

In the same time frame, the UAE port’s fuel oil exports have risen by 83,000 b/d to 264,000 b/d. The port's trade balance remains in net imports this month, contributing to stock build. The majority of fuel oil exports from the Middle Eastern bunker hub have departed for Singapore (34%), followed by the US (11%) and Egypt (9%).

On the contrary, Fujairah’s middle distillate stocks have declined and remained below 2 million bbls.

Prompt availability for all bunker fuel grades remains tight in Fujairah, with several suppliers projecting lead times of 7-10 days. Overall, bunker demand is sluggish there, a source says.

By Tuhin Roy

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