- Light distillates hit a six-week high.
- Middle and heavy distillates decline.
- Stocks head for first annual gain in three years.
Oil product stockpiles at Fujairah in the UAE saw a 0.9% increase for the week ending December 22, thanks to solid gains in gasoline and other light distillates, as reported by the Fujairah Oil Industry Zone on December 24. Total inventories climbed to 20.327 million barrels, bouncing back from a six-week low recorded the week before. Stocks are now 31% higher than they were at the end of 2024 and are on track for the first annual increase in three years, according to FOIZ data compiled by S&P Global Energy since 2017, reports S&P Global.
Light Distillates on the Rise
Light distillates, which include gasoline and naphtha, jumped 8.5% week over week to reach 7.473 million barrels, hitting a six-week high. Since the end of 2024, light distillate inventories have surged by 23%, the data indicates.
Middle Distillates Take a Hit
Middle distillates like jet fuel and diesel dropped by 10% over the week, settling at 2.309 million barrels, marking a two-month low. Even with this weekly decline, middle distillate stocks are still up 17% compared to the end of 2024.
Heavy Distillates Dip Slightly
Heavy distillates, used for power generation and shipping, fell by 1.3% to 10.545 million barrels, the lowest level in five weeks. However, heavy distillate inventories have seen a significant rise, increasing by 41% since the end of 2024.
Bunker Fuel Price Overview
On December 23, Platts assessed the price of marine fuel with 0.5% sulfur for delivery in Fujairah at $425 per metric ton. Meanwhile, bunker fuel oil 380 CST delivered in Fujairah was priced at $331 per metric ton.
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Source: S&P Global
