Fujairah’s fuel oil stocks have remained steady with March levels so far 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 March to April (so far):

• Heavy distillate and residual stocks down 21,000 bbls to 9.69 million bbls
• Middle distillate stocks up 1.86 million bbls to 3.93 million bbls

According to cargo tracker Vortexa, Fujairah has imported 222,000 b/d of fuel oil so far this month, down from 298,000 b/d in March. Around 40% of the port's total imports this month have arrived from Iraq, followed by Russia (32%) and Kuwait (17%).

In the same time frame, the Middle Eastern bunker hub’s exports have declined by 61,000 b/d to 336,000 b/d. A narrower decline in Fujairah's fuel oil exports compared to its imports has tilted the port’s trade balance into net exports this month.

The majority of fuel oil exports from the Middle Eastern bunker hub have departed for South Korea (32%), followed by Malaysia and China (13% each).

On the other hand, middle distillate stocks have risen by 90% so far this month and are at their multi-month highs.

Bunker fuel supply remains constrained in Fujairah, with most suppliers suggesting lead times of around seven days. Improved weather conditions have allowed bunkering operations to resume there, though clearing backlogs caused by recent bad weather may lead to delays, a source says.

By Tuhin Roy

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