DUBAI - Oil product stockpiles at the Fujairah port dropped to an eight-week low, led by a slump in heavy distillates as exports of fuel oil soared.
The total inventory stood at 21.759 million barrels as of January 25th, down 1.8 percent from a week ago and the lowest since November 30th, 2020, according to January 27th data from the Fujairah Oil Industry Zone at the Fujairah port on the UAE's east coast.
Heavy distillates including fuel oil and marine bunkers tumbled 12 percent to 9.995 million barrels, also the lowest since November 30th.
Fuel oil exports from Fujairah soared to 4.046 million barrels in the week of January 18th, the most since September 2019, according to data analytics firm Kpler. Most of the shipment, almost 3 million barrels, is bound for Asia-Pacific, including Singapore and South Korea.
Kuwait was set to get 332,000 barrels after a shipment at the end of 2020, its first such purchase since March 2020, Kpler data showed. Kuwait has been taking fuel oil from Singapore and Jubail, Saudi Arabia, in recent weeks as well, the Kpler data showed. Middle distillates stocks, including gasoil and diesel, stood at 4.5 million barrels as of January 25th, up 16 percent from a week earlier and snapping the longest losing streak on record.
Gasoil and diesel exports for the week of January 18th came to 700,000 barrels, with shipments destined for Pakistan, Sudan and South Africa, according to Kpler. As S&P Global Platts reported a week ago, South Africa was expected to take more gasoil due to "refinery issues." Light distillates stocks, such as gasoline, were at 7.264 million barrels on January 25th, up 6 percent from a week earlier, according to the FOIZ data. Light distillates exports were only at 383,000 barrels for the week of January 18th, the lowest since May 2020, according to Kpler.
© Copyright Emirates News Agency (WAM) 2021.