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Fujairah data: Fuel oil jump leads refined product stocks higher

Refined product stocks at the Middle Eastern hub of Fujairah advanced over the week to September 2, led by a sharprise in residual fuel stocks as bunker demand improved.

Total stocks climbed 3.9% to 19.896 million barrels, according to data from the Fujairah Oil Industry Zone released Wednesday.

Heavy residue stocks, including fuel oils used both for marine fuel and power generation, jumped 12.2% to 11.846 million barrels, the highest level since early June.

“Despite a slow start to demand in September for bunkers in Fujairah, overall demand had been busier in August compared with July,” S&P Global Platts Analytics said in a report Wednesday. “Some sources said this could sustain into September amid a competitive price discount to other key bunkering ports.”

Middle distillate stocks declined for a second week, losing 142,000 barrels to 1.968 million barrels. Weakening demand in India is weighing on the East of Suez market, Platts Analytics said.

Light distillate stocks fell 6.2% to 6.092 million barrels, the lowest level since late September 2018.

Platts is the official publisher of the data.
Source: Platts

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