Fujairah’s fuel oil stocks have averaged 10% higher in the first week of January than across December, Fujairah Oil Industry Zone (FOIZ) and S&P Global data show.

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

• Heavy distillate and residual stocks up 790,000 bbls to 8.93 million bbls
• Middle distillate stocks down 127,000 bbls to 2.15 million bbls

Fujairah has imported 354,000 b/d of fuel oil so far in January, a significant increase of 138,000 b/d compared to December, according to cargo tracker Vortexa. Fuel oil exports from the port have risen to 259,000 b/d, up by 67,000 b/d. This shift has turned the port’s trade balance into net imports for the month.

Most fuel oil imports have originated from Kuwait (32%), Russia (21%) and Iraq (17%). On the export side, Singapore has been the primary destination, receiving 69% of Fujairah’s fuel oil exports, followed by the US (22%).

Meanwhile, Fujairah's middle distillate stocks have dropped by 6% this month.

Prompt availability remains tight in the port, with lead times for all grades steady at 5-7 days, unchanged from last week.

By Tuhin Roy

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