Fujairah’s oil products stockpile drop to 4-month low as gasoline exports surge
Stockpiles of oil products at Fujairah on the UAE’s east coast declined to a four-month low, led by the biggest drop in gasoline and other light distillates this year.
Inventories stood at 23.316 million barrels on Sept. 7, down 7.2% from a week earlier and the biggest drop since March 24, according to data from the Fujairah Oil Industry Zone Sept. 9. The total was the lowest since April 20. Light distillates tumbled 18%, the biggest drop since Dec. 31, 2019, to 6.169 million barrels, also the lowest since April 20.
Light distillates stockpiles have been falling at Fujairah, along with Singapore, where commercial onshore light distillate stocks plunged to a 6-month low of 13.643 million barrels as of Aug. 26, according to Enterprise Singapore data.
In August, Fujairah exported 6.17 million barrels of gasoline, the most for that month in at least three years and the third highest ever, according to Kpler data. Singapore was the biggest gasoline buyer for the month at 1.14 million barrels, with other major shipments to Pakistan, Iraq, Tanzania and Saudi Arabia, according to the data.
Recent tenders show no letup in the Fujarah exports. Pakistan, a key buyer of gasoline from Fujairah, bought 4,000 mt of gasoline for delivery over Sept. 17-22 and another 54,000 mt for delivery over Oct. 1-5, S&P Global Platts previously reported.
Middle distillates inventories fell 10% on the week to 3.805 million barrels, a three-week low, while heavy distillates increased 0.2% to 13.342 million barrels.
The Fujairah inventory data has been provided exclusively to Platts since January 2017.