Fujairah Oil Product Inventories Decline to Eight-Week Low Amid Export Recovery

• Fuel oil stocks were the main contributors to the overall decline.
• Total inventories have increased by 9.7% year-to-date.
• Exports averaged 787,000 barrels per day in July.

Oil product inventories at the UAE’s Port of Fujairah declined by 17% in the week ending July 28, with reductions recorded across all product categories, according to data published by the Fujairah Oil Industry Zone on July 30.

Total stockpiles fell to 17.048 million barrels, the lowest level since June 2, reducing the year-to-date gain to 9.7% since the end of 2024.

Heavy distillates, primarily used as fuel oils for power generation and marine bunkering, dropped by 23% to 7.936 million barrels, the lowest in eight weeks. Light distillates, including gasoline and naphtha, decreased by 12% to 6.995 million barrels, a five-week low. Middle distillates, such as jet fuel and diesel, fell by 3.8% to 2.117 million barrels, also a five-week low.

Refined product exports from Fujairah averaged 787,000 barrels per day in July, the highest since February and up from 617,000 barrels per day in June, according to S&P Global Commodities at Sea.

Fuel oil exports averaged 367,000 barrels per day in July, also the highest since February, increasing from 306,000 barrels per day in June.

Excluding fuel oils, naphtha was the leading exported refined product in July, averaging 129,000 barrels per day, followed by gasoline at 110,000 barrels per day. South Korea was the primary destination for fuel oil exports, followed by Malaysia and Singapore.

Platts assessed 0.5% sulfur fuel oil delivered to Fujairah at $510 per metric ton on July 29, down from a recent high of $555 per metric ton on June 19. High-sulfur fuel oil was assessed at $403 per metric ton on July 29, down from $465 per metric ton on June 19.

Source: S&P Global Commodity Insights