FUJAIRAH DATA: Oil product stocks see record-high drop in 2021 amid demand recovery

Oil product stockpiles at the Port of Fujairah on the UAE’s east coast plunged by a third in 2021, recording the biggest decline since data compiling began in 2017, as demand for refined products surged amid a global recovery in the oil markets

Total inventories stood at 15.994 million barrels in the week ended Dec. 27, according to data from the Fujairah Oil Industry Zone provided exclusively to S&P Global Platts. Stockpiles in 2020 rose 27% to 23.595 million barrels, the most on record, as the pandemic crimped demand for refined products.

Stocks at Fujairah plummeted across the board this year as oil product demand recovered, led by a 58% plunge in jet fuel, gasoil and other middle distillates to 2.136 million barrels after rising 35% in 2020.

Light distillates were 41% lower this year to 4.341 million barrels after surging 54% in 2020. Heavy distillates, including fuel oil for power generation and marine bunkers, were down 15% to 9.517 million barrels, compared with an 11% uptick in 2020.

On a weekly basis, total inventories dropped 1.7% in the week ended Dec. 27, compared with the previous seven-day period, led by a 17% drop in light distillates. Heavy distillates rose 6.7% on the week, while middle distillates inched up 0.3%.
Source: Platts