Fujairah oil product stocks edge up 0.7% on build in heavy residues

February is a seasonal slow month for bunker fuel sales in Fujairah as shipowners typically build up sufficient inventories in January

  

FUJAIRAH - Refined product inventories at the Middle Eastern hub of Fujairah edged up 0.7 percent in the week to Monday, led by a nine percent jump in stocks of heavy residues, according to data obtained exclusively by S&P Global Platts from the Fujairah Oil Industry Zone at the Port of Fujairah.

Oil products stocks totalled 22.956 million barrels on 17th February, up from 22.804 million barrels a week earlier, the data showed. The total edged higher despite stocks of both light and middle distillates declining in the week.

February is a seasonal slow month for bunker fuel sales in Fujairah as shipowners typically build up sufficient inventories in January, Platts reported earlier. In addition, Fujairah at the end of January was one of the first major international ports to take steps to safeguard against a potential spread of the coronavirus.

"The port is doing health screenings for crew arriving, so there are some vessels who are not calling here," a UAE-based supplier told Platts.

Ships that have last called at Chinese ports or those with crews exhibiting symptoms will not be permitted to enter the Fujairah Offshore Anchorage or Port of Fujairah until they get approval from the harbour master, the Port of Fujairah said in a 29th January statement seen by Platts.

Middle distillates stocks fell 10 percent on the week to 2.659 million barrels Monday, the data showed. Refineries in the Persian Gulf have been undergoing maintenance, curbing supply of gasoil, according to a Platts report Wednesday. Middle distillates include diesel, marine bunker gasoil, jet fuel and kerosene.

Light distillates stocks fell eight percent on the week to 7.343 million barrels. It marked the first weekly decline in five weeks for the products, which include gasoline and light petrochemical feedstocks such as naphtha.

However, these declines were countered by a nine percent week-on-week rise in heavy residue stocks to 12.954 million barrels, the data showed.

Platts holds exclusive rights to publish Fujairah oil inventory data, and has deployed a blockchain network for its collation.

© Copyright Emirates News Agency (WAM) 2020.


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