Fujairah oil products stocks up by 2.5 percent

FUJAIRAH, Refined product stocks at the Middle Eastern hub of Fujairah increased by 2.5 percent in the week to Monday, led by an 11.2 percent rise in stocks of heavy residues, according to data exclusively obtained by S&P Global Platts from the Port of Fujairah.

Oil products stocks were 20.348 million barrels on January 21, up from 19.855 million barrels the previous week.

Heavy residue stocks grew the most last week, rising by 11.2 percent to 8.418 million barrels.

“Lower bunker fuel prices at Fujairah have attracted slightly more buying interest there in recent days than in Singapore,” S&P Global Platts Analytics said in a report Wednesday.

Light distillates were also up on the week by 1.2 per cent, reaching 10.445 million barrels. It marked the third consecutive week of stock levels above 10.445 million barrels, due to weak demand globally for gasoline.

Middle distillates stocks dropped by 24.4 percent on the week, falling to 1.485 million barrels, as demand in the West helped to absorb Asian supply.

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

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