Fujairah oil product stocks fall 16% on week

FUJAIRAH, Oil product stocks at the Port of Fujairah were down across light ends, middle distillates and heavy residues, reflecting a 16.3 percent fall week on week across the board to 17.17 million barrels, data from the Fujairah Energy Data Committee showed.

The biggest drop among the oil products was from middle distillates, which tumbled 27.7 percent week on week to 2.246 million barrels, a six-month low. Strong European demand is continuing to pull middle distillate supplies, amid a weak outlook in Asia.

Heavy residue stocks were also down, sliding 20.7 percent on the week to 6.164 million barrels. Tighter supply globally was the main factor contributing to lower stock levels, according to Platts Analytics.

Light-end distillates were down 9.1 percent on the week at 8.76 million barrels. It is the third consecutive weekly drop.

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

Source: Emirates News Agency