Fujairah’s fuel oil stocks drawn 27% coming into May

Fujairah’s residual fuel oil inventories have averaged 27% lower so far this month compared to April, according to the latest data from Fujairah Oil Industry Zone (FOIZ) and S&P Global.

Changes in monthly average Fujairah stocks from April to May:

• Heavy distillate and residual stocks down 1.04 million bbls to 2.82 million bbls
• Middle distillate stocks down 88,000 bbls to 1.13 million bbls

Heavy distillate and residual fuel oil inventories in Fujairah have fallen below 3 million bbls, marking multi-year lows.

Middle distillate inventories in Fujairah have also declined, averaging 7% lower than last month’s levels.

Prompt bunker availability in Fujairah is very tight across all grades, according to a source. The tightness is largely due to a lack of incoming imports amid the ongoing Middle East conflict, the source added.

By Shilpa Sharma

Please get in touch with comments or additional info to news@engine.online