Oil product stockpiles drop 4.8% on week to seven-month low
Stockpiles of oil products at the UAE’s Port of Fujairah dropped 4.8% in the week ended Jan. 30 with middle distillates such as jet fuel and diesel falling to an eight-month low, according to Fujairah Oil Industry Zone data published Feb. 1.
Total inventories were 19.022 million barrels as of Jan. 30, a seven-month low, the FOIZ data provided exclusively to S&P Global Commodities Insights on Feb. 1 showed. Middle distillates tumbled 22% to 2.333 million barrels, the lowest since May 23.
Light distillates including gasoline and naphtha declined 1.6% to a four-week low of 6.976 million barrels.
Heavy distillates used for ship fuel and power generation declined 2% to 9.713 million barrels, the lowest in two weeks.
The Fujairah-delivered marine fuel with 0.5% sulfur jumped 4.8% to $692/mt over the holiday shortened week ended Jan. 27 but has since dropped to $650/mt by Jan. 31, according to Platts assessments from S&P Global.
Stockpiles fell 8% for January, led by a 24% shrinkage in the middle distillates category, which also includes gasoil, marine bunker gasoil, and kerosene. Light distillates dropped 6.6% and heavy distillates declined 4% over the same period. Imports of fuel oils, middle distillates, and light distillates to Fujairah exceeded exports by 118,000 b/d in January, the first surplus since September, according to preliminary Kpler data. The biggest origin countries for Fujairah imports were Russia, Iraq, Saudi Arabia, and India, the Kpler data showed. The top destination countries for products from Fujairah in January were Saudi Arabia, Malaysia, Kenya, and Singapore.