FUJAIRAH / WAM
Oil product stocks in the Middle East’s key oil hub of Fujairah rose 11.1 percent in the week to Monday, with inventory levels up across all reported categories. Total oil product stocks in Fujairah were 19.379 million barrels, up 1.93 million barrels from a week earlier, according to data from the Fujairah Energy Data Committee, or FEDCom.
The biggest increase was in stocks of heavy distillates and residues, which rose 17 percent in the week to Monday, reaching 9.202 million barrels, a sharp rebound from earlier six-week lows, S&P Global Platts Analytics said in a report on Wednesday.
Strategically located outside the Strait of Hormuz choke point, Fujairah has not only become the world’s second largest bunkering port, but is increasingly an important hub for trading and storage.
Bunker demand in Fujairah remains strong positive des-pite high outright prices for bunkers as a result of rising crude prices. July ICE Brent crude futures were at $79.11/b, during mid-afternoon trade in Asia on Wednesday.