Oil Product Stocks Fall To 4-Week Low Amid Soft Holiday Trading

336

  • Eid-al-Fitr holidays cause a slump in refined oil product stockpiles at Fujairah.
  • Total inventories at the hub dropped 0.5% over the past week to 23.889 million barrel.
  • Fujairah-delivered 380 CST bunker fuel was assessed at $394.75/mt as of last week with little change from $395.10/mt a week earlier.

According to an article published in Platts, refined oil product stockpiles at Fujairah in the UAE fell to a four-week low as of Monday.

Middle East bunkering hub drops

Amid muted trading during the Eid-al-Fitr holidays last week, according to data released Wednesday by the Fujairah Oil Industry Zone.

Total inventories at the Middle East bunkering hub dropped 0.5% over the past week to 23.889 million barrels, the lowest level since May 13, data compiled by S&P Global Platts showed. While stockpiles have slipped for two weeks in a row, the total is still up 38% since the end of last year.

Holidays prove to be lackluster

In Fujairah, demand was lackluster for most of last week due to Eid, Platts reported. Fujairah-delivered 380 CST bunker fuel was assessed at $394.75/mt as of last Friday, little changed from $395.10/mt a week earlier.

  • Stockpiles of middle distillates — such as gasoil, diesel, marine gasoil, jet fuel, and kerosene — slipped 8.7% to 2 million barrels, a six-week low.
  • Heavy distillate and residue inventories dropped 2% to 11.735 million barrels while light distillate stocks rose 3.2% to 10.154 million barrels.
  • Light distillates covered in the report are gasoline, naphtha, and condensates that are stored in white product tanks and have an API of 45 degrees and above. Heavy products are fuel oils used for marine bunkers and power generation.

Did you subscribe to our daily newsletter?

It’s Free! Click here to Subscribe!

Source: Platts

LEAVE A REPLY

This site uses Akismet to reduce spam. Learn how your comment data is processed.