Oil Product Stockpiles Drop To Eight-Week Low

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  • More gasoline heads to Pakistan: Kpler
  • Heavy distillates stocks up 67.5% on year
  • Middle distillates drop for fifth straight week

Oil product stockpiles at the UAE’s Port of Fujairah fell to an eight-week low on Oct. 31, led by a 13% drop in gasoline and other light distillates from a week earlier, according to Fujairah Oil Industry Zone data published Nov. 2, reports SP Global.

The lowest in eight weeks

Inventories of middle distillates including gasoil and diesel stood at 2.687 million barrels as of Oct. 31, down 6.9% on the week and the lowest in eight weeks. It was the fifth consecutive weekly drop for the category, the longest decline since January 2021. Middle distillates is the only product group which showed a year-on-year decline in stockpiles, falling 8.4% since October 2021.

Overall cash differentials of 10 ppm sulfur gasoil cargoes loading in the Middle East and western India have propped up and may continue to be supported as buyers seek non-Russian origin barrels, particularly during winter, S&P Global Commodity Insights reported Nov. 2 in an analysis of the latest inventory data. In the week started Oct. 24, a cargo of around 503,000 barrels of gasoil was headed to Egypt from Fujairah, the biggest weekly shipment since January 2021, according to Kpler data.

Inventories of heavy distillates used as fuel for power generation and marine bunkers bucked the trend and rose during the week ended Oct. 31, up 4.6% to 12.909 million barrels, a three-week high. Heavy distillates stocks have climbed 67.5% over the past year.

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Source: SP Global

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