- Total stockpiles stood at 19.933 million barrels as of Feb. 7, up 1.7% from a week earlier.
- Gasoil exports averaged 18,800 b/d, the lowest since May 2020.
- Stocks of heavy distillates and residues used for shipping and power generation fell 4.2% to 10.905 million barrels, a two-week low.
Oil product inventories at the UAE’s Port of Fujairah rose for a fourth consecutive week. Middle distillates exports from Fujairah slowed for a third consecutive month in January, with average shipments at 41,100 b/d for the month, the lowest since May 2021, according to Kpler data.
Total stockpile and oil product inventories
Oil product inventories at the UAE’s Port of Fujairah rose for a fourth consecutive week as of Feb. 7, led by a 36% jump in middle distillates, such as jet fuel and diesel, according to Fujairah Oil Industry Zone data shared exclusively with S&P Global Platts on Feb. 9.
Total stockpiles stood at 19.933 million barrels as of Feb. 7, up 1.7% from a week earlier and extending the highest level since Nov. 15, according to the data provided to Platts since January 2017. Middle distillates rose to 2.529 million barrels, the most since Nov. 22.
Middle distillates exports from Fujairah slowed for a third consecutive month in January, with average shipments at 41,100 b/d for the month, the lowest since May 2021, according to Kpler data.
Gasoil exports and total inventories
Gasoil exports averaged 18,800 b/d, the lowest since May 2020. Jordan was the biggest destination for middle distillates in the month, with 19,100 b/d of diesel/gasoil headed for the country, followed by Pakistan at 16,000 b/d of gasoil and Seychelles at 3,200 b/d of jet fuel, according to Kpler.
Inventories of gasoline, naphtha and other light distillates stood at 6.499 million barrels as of Feb. 7, up 2.2% from a week earlier and extending a six-month high.
Stocks of heavy distillates and residues used for shipping and power generation fell 4.2% to 10.905 million barrels, a two-week low.
Total inventories dropped 14.38% since this time last year, led by a 51.09% slump in middle distillates. Light distillates were down 11.35% over the same period while heavy distillates rose 1.16%.
Did you subscribe to our daily Newsletter?
It’s Free! Click here to Subscribe
Source: SP Global
