Oil Product Stockpiles See 27% Record Jump

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Oil product inventories at the UAE’s Port of Fujairah climbed a record 27% in the week to Nov. 8, led by heavy distillates which jumped 42% week on week, the most ever, according to Fujairah Oil Industry Zone data provided exclusively to S&P Global Platts on Nov. 10.

Total inventories

Total inventories stood at 19.85 million barrels as of Nov. 8, the most since July 26.

Heavy distillates

Heavy distillates rose to 10.501 million barrels, a three-month high, the data showed. Heavy distillates include fuels for power generation and marine bunkers.

“Demand is quite poor today, while there have been delays in loading out cargoes,” a Fujairah-based bunker supplier said Nov. 9. Fujairah-delivered marine fuel 0.5%S against FOB Singapore marine fuel 0.5%S cargo assessments was still at a premium of $19.19/mt on Nov. 9, Platts data showed.

Light distillates

Light distillates such as gasoline rose 15% on the week to 5.67 million barrels, the highest in four weeks. Middle distillates such as jet fuel and gasoil gained 12% on the week to 3.679 million barrels, a one-month high. Platts started compiling the inventory data in January 2017.

Sulfur gasoil tender

Adding to signs of plentiful supplies, Bahrain Petroleum Co. issued a tender offering 40,000-60,000 mt of 10 ppm sulfur gasoil for loading from Sitra over Dec. 13-16, Platts previously reported.

While total inventories are down 1.9% since this time last year, heavy distillates are up 10.6% over the same period and light distillates have climbed by 6.9%. Middle distillates are down by 32.5%.

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Source: Platts

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