FUJAIRAH DATA: Oil product stocks rise 2.3% on big build in heavy distillates
2nd December 2020 09:24 GMT

Oil product stockpiles at the port of Fujairah rebounded 2.3% in the past week, as a significant build in heavy distillates from a near two-year low more than offset a draw in middle distillate stocks.

Stockpiles as of Nov. 30 stood at 20.591 million barrels compared with 20.124 million barrels the week prior, according to data released Dec. 2 by the Fujairah Oil Industry Zone.

Heavy distillates, which includes marine bunkers and fuel oil, climbed 18.5% to 8.615 million barrels, the data provided exclusively to S&P Global Platts showed. The week before, they had been at their lowest since Dec. 31, 2018.

Meanwhile, middle distillates, such as jet fuel and diesel, dropped 12.8% to 5.375 million barrels, down from the record high 6.161 million barrels reached in the previous week, according to the data.

Light distillates showed a slight decline of 1.4% to 6.601 million barrels, from the 10-week high 6.692 million barrels the week before.

Platts has been compiling the Fujairah inventory data since January 2017.

Fujairah is located on the UAE's east coast, with its location outside the Strait of Hormuz making it a fast-growing storage and bunkering hub, second largest behind Singapore.

 

 


Bunkerworld ,
2nd December 2020 09:24 GMT