Oil Product Stocks Decline, Light Distillates Hike: Fujairah Data

Oil product stocks at Fujairah in the UAE fell 6% week on week to 22.804 million barrels February 10, with inventories of all products falling except light distillates, which hit a 6-month high, data released Wednesday by the Fujairah Oil Industry Zone showed.

Stocks of heavy distillates and residues, including fuel oils used for marine fuel and power generation, fell 7.6% in the week to 11.88 million barrels, the data showed.

Middle distillates inventories, which include jet fuel, marine bunker gasoil, kerosene and diesel, plunged 27.3% over the same period to 2.949 million barrels, the lowest since September 28 last year.

However, inventories of gasoline and other light distillates bucked the downtrend, rising 8.8% on week to 7.975 million barrels, the highest since August 19 last year, according to the FOIZ data compiled by S&P Global Platts. Platts holds exclusive rights to publish Fujairah oil inventory data, and has deployed a blockchain network for its collation.

FOIZ was established to develop the petroleum strategy for investment in the region. According to FOIZ, 11 terminals are participating in the weekly stock reporting, including storage volumes involved in activities such as blending and refining.