Fujairah’s fuel oil inventories drawn 29% in August
Fujairah’s fuel oil inventories averaged 29% lower in August than in July, Fujairah Oil Industry Zone (FOIZ) and S&P Global data show. Changes in monthly average Fujairah stocks from July to August: Heavy distillate and residual stocks down 1.61 million bbls to 3.93 million bbls Middle distillate stocks up 165,000 bbls to 1.54 million bbls ...
Fujairah's fuel oil inventories decreased by 29% in August compared to July, according to data from FOIZ and S&P Global. The reduction was primarily due to a decrease in fuel oil imports into Fujairah, which fell to around 30,000 barrels per day (b/d) from 51,000 b/d in July. Simultaneously, exports surged by 138,000 b/d to 306,000 b/d, making Fujairah a net exporter and contributing to the inventory drawdown.
Saudi Arabia and Bahrain were the main sources of fuel oil imports for Fujairah, while Singapore was the largest destination for exports, followed by China and the US. Middle distillate inventories in Fujairah increased by 12% above July levels on average. Tensions between the US and Iran around the Strait of Hormuz continue to impact bunker fuel availability in Fujairah, with VLSFO and LSMGO supply remaining tight and supply of high-sulfur fuel oil (HSFO) also restricted.
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Also reported by 1 other outlet
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