UAE's Fujairah marine fuel sales rebounds in October

By Muyu Xu

SINGAPORE, Nov 17 (Reuters) - Marine fuel sales at the UAE's Fujairah rebounded in October from a three-months-low logged in the prior month, only marginally lower than the level in same period of last year, data showed.

Fujairah's marine fuel sales or bunker volumes provide a gauge of shipping market sentiment in the Middle East.

Freight rates have jumped since mid-September, underpinned by intensified geopolitical tensions and robust physical oil demand.

October's bunker sales, excluding lubricants, were at 654,153 cubic metres, or about 648,000 metric tons, showed Fujairah Oil Industry Zone (FOIZ) data published by S&P Global Commodity Insights.

October sales were up 4.1% month-on-month but down 0.1% year-on-year.

High-sulphur bunker sales in October fell 5.1% month-on-month to 164,107 cubic meters, or about 163,000 metric tons.

Meanwhile, low-sulphur bunker sales of residual fuels and marine gasoils totalled 490,046 cubic meters, or about 485,000 metric tons, increasing 7.5% from September.

This brought the market share of low-sulphur bunkers higher at 75% from 72% in the previous month, and of high-sulphur bunkers down at 25% from 28%.

Fujairah bunker sales by month, in cubic metres, excluding lubricants:

Month

Total Sales

M-o-M

Y-o-Y

Jan-23

633,023

-8.8%

-2.0%

Feb-23

572,371

-9.6%

-6.5%

Mar-23

559,800

-2.2%

-19.0%

Apr-23

596,330

6.5%

-10.3%

May-23

620,388

4.0%

-16.7%

Jun-23

605,374

-2.4%

-6.5%

Jul-23

659,566

9.0%

-0.8%

Aug-23

677,503

2.7%

-6.3%

Sep-23

628,639

-7.2%

-5.9%

Oct-23

654,153

4.1%

-0.1%

(Reporting by Muyu Xu; Editing by Rashmi Aich)

((muyu.xu@thomsonreuters.com; +65 9829 1075;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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