FUJAIRAH / WAM
Refined oil product stocks at the Middle Eastern hub of Fujairah rose 2.5 percent in the week to December 9 on the back of increased gasoline and other light distillate stockpiles, according to data released on Wednesday by the Fujairah Oil Industry Zone, FOIZ.
Total inventories rose to 21.337 million barrels during the last week, bringing the year-to-date gain to 23 percent.
Stocks of light distillates rose 15 percent to a three-week high of 5.377 million barrels.
The category, which includes gasoline, naphtha and condensates that are stored in white product tanks and have an API of 45 degrees and above, is showing a 44 percent decline in stockpiles so far this year, while middle and heavy distillates are heading for strong gains this year.
The increase in the past week may be temporary, as the market has been supported by higher demand in Indonesia and outages at a number of US refineries, according to a S&P Global Platts report Wednesday.
Heavy distillates, including fuel oil used as a marine fuel and for power generation, dropped four percent to 12.265 million barrels, the third consecutive weekly decline. Stockpiles of heavy distillates have climbed 97 percent this year.
Meanwhile, stocks of middle distillates, which covers gasoil, diesel, marine gasoil, jet fuel and kerosene, advanced 10 percent to a fresh one-year high of 3.695 million barrels, the highest since 5th November 2018.
Inventories of middle distillates have more than doubled so far this year.
FOIZ was started in 2011 to develop the petroleum strategy for investment in the region, to regulate all petroleum and hydro-carbon industries, and to provide administrative services to companies and investors and facilitate infrastructure development there.
All commercial terminal operators in Fujairah participate in the weekly stock reporting at the request of FOIZ, the Middle East’s largest commercial storage facility for refined products.
A total of 11 terminals participate, including storage volumes involved in activities such as blending and refining.
S&P Global Platts is the official publisher of the data.