Fujairah oil product stockpiles rebound

FUJAIRAH: Refined oil products stockpiles in Fujairah rebounded in the past week, on higher supply of marine fuel and other heavy distillates and residues, according to data released Wednesday by the Fujairah Oil Industry Zone.

Total inventories at the Middle East bunkering hub rose 5.9 per cent week on week to 19.327 million barrels as of Monday, bringing the total back to the level seen two weeks earlier. Heavy products stockpiles climbed 13 per cent to 9.522 million barrels, also returning to a two-week high.

Reflecting the increased supplies, Fujairah delivered 380 CST bunker fuel was assessed Monday at $393.25/mt, down from $428.30/mt a week earlier, according to S&P Global Plats data. Heavy products also include fuel oils used for power generation.

Stockpiles of middle distillates, such as gasoil, diesel, marine gasoil, jet fuel and kerosene, rose one per cent to 2.112 million barrels, while light distillates were litle changed at 7.693 million barrels.

Light distillates covered in the report are gasoline, naphtha and condensates that are stored in white product tanks and have an API of 45 degrees and above.

S&P Global Plats is the official publisher of the oil products data. Fujairah has the Middle East’s largest commercial storage capacity for refined products.

Fujairah Oil Industry Zone (FOIZ) is entrusted to optimize the value of the Oil & Gas industry in Fujairah by developing and regulating all aspects of the hydrocarbon industry with absolute care to Health,safety,quality,andenvironmenttocontinue achieving safe superior growth.