Fujairah’s residual fuel oil inventories have averaged 11% lower in the first two weeks of this month than across September, Fujairah Oil Industry Zone (FOIZ) and S&P Global data shows.

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

• Heavy distillate and residual stocks down 940,000 bbls to 7.79 million bbls
• Middle distillate stocks up 74,000 bbls to 2.55 million bbls

Fujairah's heavy distillate and residual fuel oil inventories have fallen below 8 million bbls, reaching multi-year lows.

According to cargo tracker Vortexa, the Middle Eastern bunker hub has imported 230,000 b/d of fuel oil so far this month, a sharp decline from 328,000 b/d in September. The majority of these fuel oil imports have come from Iraq (58%), Iran (28%) and Kuwait (14%).

During the same period, the port's fuel oil exports have dropped significantly by 99,000 b/d to 191,000 b/d, with most exports heading to Malaysia (28%), Singapore (20%) and the US (13%).

Meanwhile, the port's middle distillate stocks have increased, averaging 3% higher than in September.

Availability of all fuel grades in Fujairah remains "super tight," with suppliers indicating lead times of 7-10 days, the same as last week.

By Tuhin Roy

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