Fujairah’s residual fuel oil inventories have averaged 8% lower in the first two weeks of this month than across November, Fujairah Oil Industry Zone (FOIZ) and S&P Global data shows.

Changes in monthly average Fujairah stocks from November to December (so far):

• Heavy distillate and residual stocks down 632,000 bbls to 7.54 million bbls
• Middle distillate stocks up 395,000 bbls to 2.45 million bbls

Fujairah's inventories of heavy distillate and residual fuel oil have dropped below 8 million bbls, to their lowest levels in years.

According to cargo tracker Vortexa, the Middle Eastern bunker hub has imported 182,000 b/d of fuel oil this month, a significant decrease from 346,000 b/d in November. The majority of these imports have come from Kuwait (25%), Iran (22%), and Iraq (19%).

Meanwhile, fuel oil exports from the port have fallen by 77,000 b/d to 175,000 b/d, with most shipments going to Malaysia (44%), Singapore (27%), and Japan (11%).

At the same time, Fujairah's middle distillate stocks have increased by an average of 19% compared to November.

Bunker availability at the port remains tight, with lead times for all grades holding steady at 5-7 days, unchanged from the previous week. Some suppliers are able to accommodate prompt orders, but these generally come at higher prices.

By Tuhin Roy

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