Fujairah’s fuel oil inventories drawn 7% this month, highlights an Engine news source.
Fujairah’s residual fuel inventories
Fujairah’s residual fuel inventories have averaged 7% lower in the first two weeks of this month than across July, as per the latest data from the Fujairah Oil Industry Zone (FOIZ) and S&P Global.
Fujairah middle distillate, heavy distillate and residual stocks since October 2020
Changes in monthly average Fujairah stocks from July to August (so far):
- Heavy distillate and residual stocks down 633,000 bbls to 8.73 million bbls
- Middle distillate stocks down 701,000 bbls to 2.31 million bbls
Fujairah’s heavy distillate and residual fuel oil inventories have declined to their lowest monthly level since October 2021.
The Middle Eastern bunker hub
The Middle Eastern bunker hub has imported 291,000 b/d of fuel oil so far this month, marginally down from 293,000 b/d in July, according to cargo tracker Vortexa. Around 37% of imports have arrived from Russia, followed by Iraq (25%) and Kuwait (20%).
In the same time frame, the port’s fuel oil exports have risen from 401,000 b/d to 417,000 b/d. The bulk of fuel oil exports from the Middle Eastern bunker hub have departed for Thailand (19%), Singapore (15%) and Malaysia (11%).
Meanwhile, middle distillate stocks have also slumped and averaged 23% lower than last month.
Prompt availability remains tight in Fujairah amid good demand and lead times are unchanged from last week at 5-7 days. But some suppliers can offer prompt stems across all grades subject to stem sizes, the source adds.
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Source: Engine
