Fujairah’s Fuel Oil Inventories Declined 11% In July

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Credits: Zbynek Burival/Unsplash

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.

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Source : engine. Online