Fujairah’s fuel oil inventories surge amid higher net imports

Fujairah’s fuel oil stocks have averaged 54% higher so far in November than across October, Fujairah Oil Industry Zone (FOIZ) and S&P Global data shows.

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

• Heavy distillate and residual stocks up 3.87 million bbls to 11.01 million bbls
• Middle distillate stocks down 71,000 bbls to 3.01 million bbls

Fujairah’s heavy distillate and residual fuel oil inventories have climbed above 11 million bbls this month, reaching their highest level since April.

The port has imported 525,000 b/d of fuel oil so far this month, a sharp increase of 186,000 b/d from the 339,000 b/d imported in October, according to cargo tracker Vortexa. Meanwhile, fuel oil exports have declined by 18,000 b/d to reach 184,000 b/d this month. As a result, Fujairah remains a net fuel oil importer for the month.

Malaysia supplied about 23% of Fujairah’s total imports, followed by Iran (19%) and Nigeria (12%). Most of the port’s fuel oil exports have gone to Malaysia (36%) and China (10%).

At the same time, middle distillate stocks in Fujairah have dipped by an average of 2% from the previous month.

Prompt bunker availability remains tight across all grades, with several suppliers still facing low stocks and loading delays despite soft demand. Lead times of 5–7 days are currently advised.

By Tuhin Roy

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