Fujairah data: Stockpiles rise for third week, led by middle distillates
Oil products inventories at the Port of Fujairah climbed for a third consecutive week, led by gains in jet fuel and other middle distillates, according to Fujairah Oil Industry Zone data.
Total stockpiles of light, middle and heavy distillates products rose 1.9% to 24.387 million barrels, the most since the record high of 25.749 million barrels on April 29. The figures go back to January 2017.
Middle distillates gained 7% to 2.481 million barrels. The category includes gasoil, diesel, marine bunker gasoil, jet fuel and kerosene.
The gasoil market east of Suez, which includes Fujairah, will likely see surplus material move into Singapore as European demand stabilizes, according to a report from S&P Global Platts. Demand in India was also expected to slow due to the upcoming monsoon season that typically runs from July to September, it said.
“Gasoil demand is going to be slow until Q3,” a trader said.
Heavy distillates and residues stocks declined 1% to 11.489 million barrels, the first drop in three weeks. Light distillates inventories rebounded 4% to 10.417 million barrels after dropping to a five-month low a week earlier.
Light distillates include gasoline, naphtha and condensates that are stored in white product tanks and have an API of 45 degrees and above. Heavy products are fuel oils used for marine bunkers and power generation.
S&P Global Platts is the official publisher of the oil products data. Fujairah has the Middle East’s largest commercial storage capacity for refined products.