Fujairah data: Oil products stocks rise 8% on week to record 25.088 mil barrels
Oil product inventories in the Fujairah trading hub rose 7.8% week on week to a record 25.088 million barrels Monday, led by swelling stockpiles of marine fuels and other heavy distillate residues, data released Wednesday by the Fujairah Oil Industry Zone at the city’s port showed.
Stocks were last higher at 24.4 million barrels in July 2017, FOIZ data provided exclusively to S&P Global Platts showed.
Heavy distillates inventories jumped 18% week on week to 11.747 million barrels, the highest since December 2017 and exceeding the total for light distillates for the first time since October, the data showed.
Fuel oil demand may be seeing the impact of reduced crude shipments owing to OPEC supply cuts and global refinery maintenance, said Alex Yap, senior analyst at Platts in Singapore. It was still too early for high sulfur fuel oil demand to start declining ahead of next year’s International Maritime Organization 2020 rules mandating lower sulfur bunker fuel, he added.
Light distillate stockpiles were little changed at 11.212 million barrels, down 0.3% on the week, while middle distillates inventories rose 4% to 2.129 million barrels.
On a year-on-year basis, total Fujairah stockpiles were up 45%, led by an 89% climb in heavy distillates and residues. Middle distillates were up 45% and light distillates up 16%. Light distillates include gasoline, middle distillates include gasoil and jet fuel and heavy products are fuel oil used for marine bunkers and power generation.
Platts is the official publisher of the oil stocks data, and has deployed a blockchain network for its collation.