Fujairah’s residual fuel oil inventories have averaged 10% higher so far in April than across March, as per the latest data from the Fujairah Oil Industry Zone (FOIZ) and S&P Global.

Changes in monthly average Fujairah stocks from March to April (so far):

• Heavy distillate and residual stocks up 1.08 million bbls to 12.14 million bbls
• Middle distillate stocks up 110,000 bbls to 2.60 million bbls

Fujairah’s heavy distillate and residual fuel oil inventories have climbed above 12 million bbls - the highest monthly average since October 2022.

According to cargo tracker Vortexa, the port has imported 199,000 b/d of fuel oil so far in April, a sharp drop from 330,000 b/d in March. This month, fuel oil imports have primarily come from Kuwait (35%), Iraq and Iran (17%).

At the same time, Fujairah’s fuel oil exports have surged by 142,000 b/d to reach 399,000 b/d, shifting the port’s trade balance into net exports. The bulk of these exports have been shipped to Malaysia (33%), South Korea (23%) and China (11%).

Fujairah’s middle distillate stocks have also increased, averaging 4% higher compared to last month.

Despite subdued demand, prompt availability remains tight in the port, with lead times for all grades steady at 5–7 days, unchanged from the previous week. 

By Tuhin Roy

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