Fujairah’s fuel oil stocks drawn 31% this month

Residual fuel oil inventories in Fujairah have averaged 31% lower so far in May compared to April, based on the latest data from Fujairah Oil Industry Zone and S&P Global.

Changes in monthly average Fujairah stocks from April to May (so far):

• Heavy distillate and residual stocks down 1.21 million bbls to 2.65 million bbls
• Middle distillate stocks down 74,000 bbls to 1.14 million bbls

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

Middle distillate inventories in Fujairah have dropped, averaging 6% lower than last month’s levels.

In Fujairah, bunker availability remains extremely tight, with all offers subject to firm enquiry. Bunker fuel demand has weakened as vessels continue to wait for transit through the Strait of Hormuz, while some suppliers are reporting depleted inventories amid a near-total halt in imports.

By Shilpa Sharma

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