Fujairah’s fuel oil stocks averaged 11% lower in July than in June, Fujairah Oil Industry Zone (FOIZ) and S&P Global data shows.
Marginal Decline
Changes in monthly average Fujairah stocks from June to July :
- Heavy distillate and residual stocks down 1.14 million bbls to 9.20 million bbls
- Middle distillate stocks down 801,000 bbls to 3.20 million bbls
According to cargo tracker vortexa Fujairah has imported 266,000 b/d of fuel oil so far this month, a marginal decline of 12,000 b/d from June.
Fuel Oil Exports
The port’s fuel oil exports have risen significantly by 159,000 b/d to 459,000 b/d. Higher exports so far this month have tilted the UAE port’s trade balance into a net export surplus and contributed to draw stocks further.
Fuel oil imports from Russia (39%), Iraq (23%) and Iran (12%) have dominated Fujairah’s imports so far this month. Majority of fuel oil exports from the port have departed for Malaysia (28%), Singapore (23%) and Kuwait (18%).
Middle Distillate Stock
Fujairah’s middle distillate stocks have also declined by 20% this month. Prompt availability of all grades remains under pressure from good bunker demand in Fujairah. Several suppliers are recommending lead times of 5-7 days for all grades, while a few can still supply prompt, a source says.
Did you subscribe to our daily newsletter?
It’s Free! Click here to Subscribe
Source : engine. Online
