Fujairah oil product stocks fall to 4-week low

PHOTO

FUJAIRAH- Refined oil product stockpiles at the UAE’s East Coast Port of Fujairah fell to a four-week low as of Monday 10th June, amid muted trading during the Eid-al-Fitr holidays last week, according to data released today, Wednesday, by the Fujairah Oil Industry Zone.

Total inventories at the Middle East bunkering hub dropped 0.5 percent over the past week to 23.889 million barrels, the lowest level since 13th May, data compiled by S&P Global Platts showed.

While stockpiles have slipped for two weeks in a row, the total is still up 38 percent since the end of last year.

In Fujairah, demand was lackluster for most of last week due to Eid, Platts reported. Fujairah-delivered 380 CST bunker fuel was assessed at US$394.75/mt as of last Friday, little changed from $395.10/mt a week earlier. Stockpiles of middle distillates -- such as gasoil, diesel, marine gasoil, jet fuel and kerosene -- slipped 8.7 percent to 2 million barrels, a six-week low. Heavy distillate and residue inventories dropped 2 per cent to 11.735 million barrels while light distillate stocks rose 3.2per cent to 10.154 million barrels.

Light distillates covered in the report are gasoline, naphtha and condensates that are stored in white product tanks and have an API of 45 degrees and above.

Heavy products are fuel oils used for marine bunkers and power generation.

S&P Global Platts is the official publisher of the oil product data. Fujairah has the Middle East's largest commercial storage capacity for refined products.