Oil product inventories at the Port of Fujairah in the UAE have seen a slight decline, dropping by 0.4% for the week ending April 21. This decrease has particularly been notable in fuel oils, which have fallen by 20% over the past two weeks, as reported by the Fujairah Oil Industry Zone. The total stock now stands at 22.023 million barrels, marking a four-week low. Specifically, heavy distillates—used primarily for power generation and maritime operations—decreased by 3.4%, totaling 10.623 million barrels, following a more substantial fall of 17% the previous week.
Middle distillates, encompassing jet fuel and diesel, also fell by 6% to 2.489 million barrels, which is the lowest level in four weeks. In contrast, light distillates such as gasoline and naphtha saw a 5.3% increase, rising to 8.911 million barrels, indicating a two-week high. Saudi Arabia has been importing fuel oils from Fujairah consistently for three months, with April’s volume reaching 30,000 barrels per day (b/d)—the highest figure since January 2024. This fuel is primarily discharged at Jeddah.
Demand for fuel oil tends to spike during the hot summer months when air conditioning usage surges. For the current month, Fujairah’s total fuel oil exports are averaging 331,000 b/d, a slight increase from 315,000 b/d in March. Moreover, as of April 22, Platts assessed the Fujairah-delivered low sulfur fuel oil price at $491 per metric ton, reflecting a 6.5% increase from the year’s low registered on April 9. Similarly, the price for high sulfur fuel oil shipped to Fujairah has risen by 11% during the same timeframe.