FUJAIRAH DATA: Refined oil product stocks drop to four-week low

Oil products inventories at the UAE's Port of Fujairah dropped 0.4% in the week ended April 21 with fuel oils down 20% in the past two weeks, according to Fujairah Oil Industry Zone data published April 23.

The total fell to 22.023 million barrels, a four-week low. Heavy distillates used as fuel for power generation and shipping declined 3.4% to 10.623 million barrels, on top of a 17% drop a week earlier. Middle distillates such as jet fuel and diesel fell 6% to 2.489 million barrels, also a four-week low. Light distillates including gasoline and naphtha increased 5.3% to 8.911 million barrels, a two-week high.

Saudi Arabia has imported fuel oils from Fujairah for the past three months, with April volume at 30,000 b/d, the most since January 2024 and all of it discharged at Jeddah, according to S&P Global Commodities at Sea(opens in a new tab) ship-tracking. Power generation demand for fuel oil typically peaks in the hot summer months when power demand for air conditioning climbs.

Total fuel oil exports from Fujairah this month are averaging 331,000 b/d compared with 315,000 b/d in March.

Platts, part of S&P Global Commodity Insights, assessed Fujairah-delivered low sulfur fuel oil at $491/mt on April 22, up 6.5% from this year's low on April 9. That tracks Platts-assessed Dated Brent's low this year, also on April 9. High sulfur fuel oil delivered to Fujairah has climbed 11% over the same period.