Fujairah’s fuel oil stocks have averaged 5% higher so far this month than across January, Fujairah Oil Industry Zone (FOIZ) and S&P Global data shows
Changes in monthly average Fujairah stocks from January to February (so far):
- Heavy distillate and residual stocks up 471,000 bbls to 9.47 million bbls
- Middle distillate stocks up 141,000 bbls to 2.70 million bbls
Fujairah has imported 183,000 b/d of fuel so far in February, down by 20,000 b/d from January, according to cargo tracker Vortexa.
Over the same time frame, the port’s fuel oil exports have also declined marginally by 11,000 b/d to 233,000 b/d.
Iraq (45%) has been the source of almost half of Fujairah’s total fuel oil imports, followed by Kuwait (32%) and Russia (24%). Meanwhile, the bulk of the fuel oil exports from the port has headed for South Korea (48%), followed by Malaysia and Singapore (20% each).
Fujairah’s middle distillate stocks have also swelled, averaging 6% higher on the month.
Recent weather-related disruptions have caused severe bunker backlogs and delivery delays in Fujairah. Lead times of 7-10 days are recommended for all grades in the port.
By Tuhin Roy
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