Fujairah’s fuel oil stocks have averaged 22% higher so far this month than across January, Fujairah Oil Industry Zone (FOIZ) and S&P Global data shows.

Changes in monthly average Fujairah stocks from January to February:

• Heavy distillate and residual stocks up 1.81 million bbls to 10.12 million bbls
• Middle distillate stocks down 479,000 bbls to 1.95 million bbls

Fujairah has imported 275,000 b/d of fuel oil so far this month, an increase of 34,000 b/d from January’s 241,000 b/d, according to cargo tracker Vortexa. Meanwhile, fuel oil exports from the port have risen modestly by 8,000 b/d, reaching 212,000 b/d this month. This shift has tilted Fujairah’s trade balance into net imports.

Iran accounted for the largest share of the port’s total imports this month at 31%, followed by Iraq (15%) and Kuwait (13%). On the export side, almost half of Fujairah’s fuel oil shipments have gone to Singapore (50%), followed by Sri Lanka (23%) and Pakistan (17%).

Additionally, Fujairah’s middle distillate stocks have averaged 20% lower compared to last month.

Despite weak demand, prompt availability remains tight, with lead times for all grades steady at 5-7 days, unchanged from last week.

By Tuhin Roy

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