Fujairah’s residual fuel oil inventories have averaged 7% higher so far in September than across August, as per the latest data from the Fujairah Oil Industry Zone (FOIZ) and S&P Global.

Changes in monthly average Fujairah stocks from August to September (so far):

• Heavy distillate and residual stocks up 587,000 bbls to 9.23 million bbls
• Middle distillate stocks up 646,000 bbls to 2.85 million bbls

According to cargo tracker Vortexa, Fujairah has imported 313,000 b/d of fuel so far in September, down from 390,000 b/d in August. Fuel oil imports from Iraq (35%) and Russia (30%) have dominated Fujairah’s total imports this month.

In the same time, the port’s fuel oil exports have jumped by a massive 119,000 b/d to 408,000 b/d this month. This has tilted the port’s trade balance into net exports this month. The bulk of fuel oil exports from the Middle Eastern bunker hub have headed for South Korea (23%), Singapore (16%) and Malaysia (12%).

Fujairah’s middle distillate stocks have also gone up and averaged 29% higher on the month.

By Tuhin Roy

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