Stockpiles of oil products at the UAE’s Port of Fujairah climbed 4.5% in the week ended Sept. 11, the first increase in four weeks from a 17-month low a week earlier, according to latest data from the Fujairah Oil Industry Zone.
Total inventories rose to 16.717 million barrels as of Sept. 11, after falling to its lowest since April 2022 on Sept. 4, the FOIZ data provided exclusively on Sept. 13 to S&P Global Commodity Insights showed. The total stockpile dropped 15% in the previous four weeks and was down 19% since the end of 2022.
Middle distillates climbed 25% to 1.801 million barrels, the data showed. Light distillates dropped 2.2% to 5.826 million barrels, while heavy distillates used as fuel oil for power generation and shipping increased 5.6% to 9.09 million barrels.
Oil product exports excluding fuel oil from Fujairah averaged an estimated 303,000 b/d in the week started Sept. 4, the lowest since early July, according to S&P Global Commodities at Sea data. Singapore was the top destination at 163,000 b/d. Fuel oil exports averaged 307,000 b/d in the latest week, remaining above 300,000 b/d for the third consecutive week.
Heavy distillates stockpiles were down 10% so far in 2023, while light distillates dropped 22% and middle distillates declined 42% over the same period.
Source: Platts
