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FUJAIRAH DATA: Oil product stocks slide to 8-week low as fuel oil exports soar

Oil product stockpiles at the Fujairah port dropped to an eight-week low, led by a slump in heavy distillates as exports of fuel oil soared.

The total inventory stood at 21.759 million barrels as of Jan. 25, down 1.8% from a week ago and the lowest since Nov. 30, 2020, according to Jan. 27 data from the Fujairah Oil Industry Zone at the Fujairah port on the UAE’s east coast.

Heavy distillates including fuel oil and marine bunkers tumbled 12% to 9.995 million barrels, also the lowest since Nov. 30.

Fuel oil exports from Fujairah soared to 4.046 million barrels in the week of Jan. 18, the most since September 2019, according to data analytics firm Kpler. Most of the shipment, almost 3 million barrels, is bound for Asia-Pacific, including Singapore and South Korea.

Kuwait was set to get 332,000 barrels after a shipment at the end of 2020, its first such purchase since March 2020, Kpler data showed. Kuwait has been taking fuel oil from Singapore and Jubail, Saudi Arabia, in recent weeks as well, the Kpler data showed.

Middle distillates stocks, including gasoil and diesel, stood at 4.5 million barrels as of Jan. 25, up 16% from a week earlier and snapping the longest losing streak on record.

Gasoil and diesel exports for the week of Jan. 18 came to 700,000 barrels, with shipments destined for Pakistan, Sudan and South Africa, according to Kpler. As S&P Global Platts reported a week ago, South Africa was expected to take more gasoil due to “refinery issues.”

Light distillates stocks, such as gasoline, were at 7.264 million barrels on Jan. 25, up 6% from a week earlier, according to the FOIZ data. Light distillates exports were only at 383,000 barrels for the week of Jan. 18, the lowest since May 2020, according to Kpler.
Source: Platts

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