Fujairah’s residual fuel oil inventories averaged 61% higher in July than in June, according to the latest data from the Fujairah Oil Industry Zone (FOIZ) and S&P Global.

Changes in monthly average Fujairah stocks from June to July:

• Heavy distillate and residual stocks up 2.10 million bbls to 5.54 million bbls
• Middle distillate stocks down 6,000 bbls to 1.38 million bbls

Fujairah's heavy distillate and residual fuel oil inventories rebounded in July, climbing above 5 million bbls to their highest level since March.

Fuel oil imports increased sharply to around 51,000 b/d in July from 3,000 b/d in June, according to cargo tracker Vortexa. Over the same period, exports declined by 18,000 b/d to 168,000 b/d.

Saudi Arabia (56%) remained the largest fuel oil supplier to Fujairah in July, followed by Iraq (31%), Iran (11%) and Oman (3%). On the export side, Singapore (58%) received the largest share of volumes, followed by Gabon (19%) and Australia (7%).

Meanwhile, middle distillate inventories remained broadly unchanged from June.

Lingering uncertainty over the fragile US-Iran ceasefire around the Strait of Hormuz continues to weigh on bunker fuel supply in Fujairah. VLSFO and LSMGO availability remains tight and is largely unchanged from last week, with only a limited number of suppliers able to offer LSMGO. However, HSFO supply has improved.

By Tuhin Roy

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