Oil product inventories at the UAE’s Port of Fujairah decreased by 2.8% during the week ending February 3, primarily driven by a sharp 33% drop in jet fuel, diesel, and other middle distillates, according to data released by the Fujairah Oil Industry Zone (FOIZ) on February 5.
The total inventory fell to 18.328 million barrels, down from a six-month high recorded the previous week. Middle distillates ended at 1.841 million barrels, marking a 12-week low, while heavy distillates—primarily used for power generation and shipping—dropped 6% to 8.1848 million barrels, reaching a two-week low.
In contrast, light distillates saw a 12% increase, rising to 8.339 million barrels, the highest since April 2023. For the first time in nearly four years, light distillates exceeded heavy distillates in volume.
The week of January 27 saw total exports from Fujairah average 416,000 barrels per day (b/d), up from 219,000 b/d the prior week, according to Kpler data. Malaysia and Tanzania emerged as the largest destination countries, with fuel oils being the top export.
Refined product imports into the port averaged 719,000 b/d, mainly consisting of fuel oils and gasoline, a decrease from 860,000 b/d the previous week. Kuwait, Iran, India, and Iraq were the leading countries of origin for these imports.
Meanwhile, in the shipping market, Platts-assessed high sulfur fuel oil in Fujairah rose to $486 per metric ton (mt) on February 3, up from $478/mt the previous week. Low sulfur fuel oil prices also increased slightly, reaching $574/mt from $573/mt over the same period, according to Commodity Insights data.
