Fujairah’s fuel oil stocks drawn 22% amid higher exports

Fujairah’s residual fuel oil inventories have averaged 22% lower so far this month compared to January, according to the latest data from the Fujairah Oil Industry Zone (FOIZ) and S&P Global.

Changes in monthly average Fujairah stocks from January to February (so far):

• Heavy distillate and residual stocks down 2.21 million bbls to 8.01 million bbls
• Middle distillate stocks up 219,000 bbls to 3.18 million bbls

Fujairah’s heavy distillate and residual fuel oil inventories have dropped below 9 million bbls, marking their lowest level since October.

The Middle Eastern bunker hub has imported 210,000 b/d of fuel oil so far this month, down sharply from 305,000 b/d in January, according to cargo tracker Vortexa. Of these imports, the largest share has originated from Iran (41%), followed by Iraq (26%) and Russia (25%).

At the same time, fuel oil exports from Fujairah have risen significantly, increasing by 104,000 b/d to reach 220,000 b/d. This shift has moved the port into a net export surplus and contributed to the decline in stock levels. Most of the exports were sent to Singapore (61%), Iraq (21%) and Mauritius (5%).

Meanwhile, middle distillate inventories at the port have increased, averaging 7% higher than last month.

Lead times across all grades remain steady at 5–7 days at the port, unchanged from last week.

By Tuhin Roy

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