Fujairah’s fuel oil inventories averaged 12% lower in August than in July, Fujairah Oil Industry Zone (FOIZ) and S&P Global data shows.

Changes in monthly average Fujairah stocks from July to August:

• Heavy distillate and residual stocks down 1.12 million bbls to 8.51 million bbls
• Middle distillate stocks down 501,000 bbls to 2.34 million bbls

Fujairah's heavy distillate and residual fuel oil inventories have remained below 9 million bbls for the fourth consecutive week.

The UAE port imported approximately 390,000 b/d of fuel oil in August, an increase of 71,000 b/d from 319,000 b/d imported in July, according to cargo tracker Vortexa. During the same period, fuel oil exports from Fujairah rose slightly by 32,000 b/d to 289,000 b/d in August.

The majority of Fujairah's fuel oil imports came from Iraq (36%) in August, followed by Iran (23%) and Russia (18%). Almost half of Fujairah’s fuel oil exports were destined for Singapore (45%), with China and Malaysia accounting for 14% each.

The port’s middle distillate stocks also fell in August, averaging 18% lower than in July.

Availability of all fuel grades has tightened, with most suppliers recommending 7-10 days of lead times, up from 5-7 days advised last week. However, some suppliers are still able to accommodate stems with shorter lead times.

By Tuhin Roy

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