Fuel oil inventories at Fujairah have averaged 9% lower in October so far compared with September, according to data from the Fujairah Oil Industry Zone and S&P Global cited by ENGINE. Heavy distillate and residual stocks declined by 392,000 barrels to 4.10 million barrels, while middle distillate stocks fell by 27,000 barrels to 2.40 million barrels. Despite the monthly decline, fuel oil stocks remain above August’s average of 3.93 million barrels. Middle distillate inventories, by contrast, are 853,000 barrels higher than August’s average of 1.54 million barrels.

Imports and Exports

Fuel oil imports into Fujairah averaged 105,000 barrels per day in October so far, down 28,000 barrels per day from 133,000 barrels per day in September, according to cargo tracker Vortexa. Russia supplied 23% of the imports, followed by Syria at 19% and Saudi Arabia at 18%.

Exports averaged 286,000 barrels per day, a decline of 71,000 barrels per day from September’s 357,000 barrels per day. Singapore took 54% of exports, followed by Pakistan at 18% and China at 12%. With exports exceeding imports by 181,000 barrels per day, Fujairah remained a net exporter.

Product Availability

Availability of very low sulphur fuel oil in Fujairah has improved despite continuing disruptions to vessel traffic through the Strait of Hormuz amid US-Iran tensions, a regional source said. Supplies of low sulphur marine gasoil and high sulphur fuel oil, however, remain limited.

Source: Indexbox https://www.indexbox.io/blog/fujairah-fuel-oil-stocks-fall-9-in-october-as-exports-outpace-imports/