Fujairah’s fuel oil inventories averaged 3% higher in April than throughout 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:

• Heavy distillate and residual stocks up 297,000 bbls to 10 million bbls
• Middle distillate stocks up 1.65 million bbls to 3.72 million bbls

Fujairah imported around 239,000 b/d of fuel oil in April, down from 298,000 b/d imported across March, according to cargo tracker Vortexa.

In the same time frame, the port’s fuel oil exports declined by 32,000 b/d to 368,000 b/d in April.

In April, the majority of Fujairah’s fuel imports came from Iraq (52%), followed by Russia (14%) and Kuwait (12%). Meanwhile, most of the fuel oil exports from Fujairah headed for Malaysia, accounting for 28% of Fujairah's total fuel oil exports in April. Singapore (16%) and Indonesia (15%) were the second and third-largest export destinations, respectively.

Fujairah’s middle distillate stocks also rose significantly in April and averaged 80% higher than in March.

Despite sluggish demand in the Middle East port, prompt availability remains tight across all grades in Fujairah, with most suppliers recommending unchanged lead times of around 7-10 days.

By Tuhin Roy

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