Fujairah oil product stockpiles rebound to 2-week high

FUJAIRAH, Refined oil products stockpiles in Fujairah rebounded in the past week, on higher supply of marine fuel and other heavy distillates and residues, according to data released Wednesday by the Fujairah Oil Industry Zone.

Total inventories at the Middle East bunkering hub rose 5.9 percent week on week to 19.327 million barrels as of Monday, bringing the total back to the level seen two weeks earlier. Heavy products stockpiles climbed 13 percent to 9.522 million barrels, also returning to a two-week high.

Reflecting the increased supplies, Fujairah delivered 380 CST bunker fuel was assessed Monday at US$393.25/mt, down from $428.30/mt a week earlier, according to S&P Global Platts data. Heavy products also include fuel oils used for power generation.

Stockpiles of middle distillates, such as gasoil, diesel, marine gasoil, jet fuel and kerosene, rose one percent to 2.112 million barrels, while light distillates were little changed at 7.693 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.

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

Source: Emirates News Agency