Fujairah’s fuel oil inventories rise 15% coming into December

Fujairah’s fuel oil stocks have averaged 15% higher in the first week of December than across November, Fujairah Oil Industry Zone (FOIZ) and S&P Global data shows.

Changes in monthly average Fujairah stocks from November to December (so far):

• Heavy distillate and residual stocks up 1.70 million bbls to 12.93 million bbls
• Middle distillate stocks up 67,000 bbls to 3.27 million bbls

Fujairah’s heavy distillate and residual fuel oil inventories have climbed past 12 million bbls so far this month, reaching multi-year highs.

The port has brought in 351,000 b/d of fuel oil so far this month, down by 30,000 b/d from November’s 381,000 b/d, according to cargo tracker Vortexa. Fuel oil exports, however, have increased sharply by 72,000 b/d to 331,000 b/d so far this month.

Iraq has supplied about 23% of Fujairah’s total fuel oil imports, followed by Brazil (17%) and Denmark (16%). On the export side, most volumes have moved to Singapore (18%), South Korea (17%) and Malaysia (11%). 

Middle distillate stocks in Fujairah have also edged up, averaging 2% higher than last month.

Most suppliers continue to advise lead times of 5–7 days for all grades in Fujairah.

By Tuhin Roy

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