Fujairah’s fuel oil stocks have averaged 3% higher so far this month than across March, 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 up 339,000 bbls to 10.05 million bbls
• Middle distillate stocks up 1.74 million bbls to 3.81 million bbls

According to cargo tracker Vortexa, Fujairah has imported 226,000 b/d of fuel so far in April, down by a significant 72,000 b/d from March. In the same time frame, the port’s fuel oil exports have also declined marginally by 21,000 b/d to 315,000 b/d.

Iraq (42%) has been the source of almost half of Fujairah’s total fuel oil imports, followed by Russia (23%) and Iran (14%). The bulk of fuel oil exports from the port has headed for Singapore (27%), followed by Malaysia (23%) and South Korea (20%).

Fujairah’s middle distillate stocks have also swelled, averaging 84% higher on the month.

Bunker demand in Fujairah has reduced after a slight increase last week, but prompt availability of all grades remains limited due to backlogs caused by recent adverse weather conditions. Suppliers are recommending unchanged lead times of 7-10 days across all grades.

By Tuhin Roy

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