Stockpiles of oil products at the UAE’s Port of Fujairah dropped to a three-week low Aug. 7 after middle distillates such as jet fuel and diesel fell 17% from a week earlier to 2.199 million barrels, the lowest since Feb. 27, according to Aug. 9 data from the Fujairah Oil Industry Zone, reports Platts.
Total inventories fall
Total inventories fell 6.1% on the week and 10% since end-2022 to 18.516 million barrels as of Aug. 7, the lowest since July 17, FOIZ data provided exclusively to S&P Global Commodity Insights showed.
Over the week, while stocks of middle distillates dropped for a fifth consecutive week, the most on record since S&P Global began compiling the data in 2017, light distillates such as gasoline and naphtha climbed 0.8% to 7.642 million barrels, marking the third weekly gain in a row.
Stocks of heavy distillates, used as a fuel oil for power generation and shipping, dropped 8.6% over the week to 8.675 million barrels, a three-week low.
Oil product exports, excluding fuel oil from Fujairah, averaged an estimated 538,000 b/d in July, a two-month low, according to S&P Global Commodities at Sea data. Singapore was the top destination at 159,000 b/d, followed by Malaysia at 106,000 b/d, the data showed.
Fuel oil exports averaged 222,000 b/d in July, the most since November. Egypt, which received the first such shipment since November from Fujairah, was the biggest receiver of fuel oil at 41,000 b/d, the data showed. For August, the country is already destined to acquire 60,000 b/d of fuel oil from the UAE port.
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Source: Platts
