Fujairah oil products stocks down 1.8 percent on week, led by light distillates

FUJAIRAH, Refined product stocks at the Port of Fujairah declined 1.8 percent to 17.419 MMBBL in the week to Monday, led by a drawdown in light distillate inventories, according to the Fujairah Energy Data Committee.

Light distillates stocks fell 4.4 percent week on week to 9.308 MMBBL, despite over-supply both in the East and the West.

“Notably, the Asian gasoline market remained in the doldrums on the back of concerns over the persistent Chinese outflow,” S&P Global Platts Analytics said in a report.

Middle distillate inventories rose 7.9 percent to 1.637 MMBBL after posting a 12-month low a week earlier.

Heavy residue stocks were 0.2 percent lower to 6.474 MMBBL.

“There are enough cargoes in the market, and we saw higher demand for prompt supply dates this week,” Platts Analytics cited a Fujairah-based bunker supplier as saying.

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