- Refined Product Stocks at Fujairah Fall Across All Categories.
- Fujairah Fuel Oil Exports Hit Five-Month High in July.
- Naphtha Leads Non-Fuel Oil Exports from Fujairah.
Oil product inventories at the UAE’s Port of Fujairah took a significant hit, dropping 17% in the week ending July 28, which brought them down to 17.048 million barrels—the lowest point since June 2, according to data released by the Fujairah Oil Industry Zone on July 30. Even with this decline, inventories remain up by 9.7% compared to the end of 2024, reports S&P Global.
Declines Recorded Across All Product Categories
- Heavy Distillates: Stocks used for power generation and shipping decreased by 23% to 7.936 million barrels, marking the lowest level in eight weeks.
- Light Distillates: This category, which includes gasoline and naphtha, fell by 12% to 6.995 million barrels, hitting a five-week low.
- Middle Distillates: Comprising jet fuel and diesel, these stocks dipped by 3.8% to 2.117 million barrels, also a five-week low.
Refined Product Exports Hit Five-Month High
In July, refined product exports from Fujairah averaged 787,000 barrels per day (b/d), the highest level since February and a notable increase from 617,000 b/d in June, as reported by S&P Global Commodities at Sea.
- Fuel Oil Exports: Averaged 367,000 b/d in July, the highest since February, up from 306,000 b/d in June.
- Top Exported Refined Products (Excluding Fuel Oil): Naphtha: 129,000 b/d, Gasoline: 110,000 b/d
Key Destinations for Fuel Oil Exports
In July, South Korea emerged as the top destination for Fujairah’s fuel oil exports, followed closely by Malaysia and Singapore.
Fuel Oil Prices Decline in July
According to Platts, part of S&P Global Commodity Insights:
- 0.5% Sulfur Fuel Oil: Priced at $510/mt on July 29, down from $555/mt on June 19.
- High-Sulfur Fuel Oil: Priced at $403/mt on July 29, down from $465/mt on June 19.
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Source: S&P Global
