Oil product inventories on the Port of Fujairah within the UAE dropped to a seven-week low as gasoline and different mild distillates posted a document droop to an all-time low.
The whole stock stood at 15.971 million barrels as of April 4, down 10.7% from every week earlier and the bottom for the reason that document low on Feb. 14, in line with Fujairah Oil Business Zone (FOIZ) knowledge supplied completely to S&P International Commodity Insights on April 6.
Mild distillates plunged 42.4% over the identical interval to three.41 million barrels, the bottom ever and largest weekly decline since Fujairah started sharing the info with S&P International in January 2017.
Stockpiles have been risky up to now few months, with the full posting a document drop in November 2021 and an all-time low in February 2022, whereas center distillates fell to a document low in March. Inventories have declined 17.19% since this time final yr and are nicely under the document excessive of 30.7 million barrels in June 2020.
Fujairah’s gasoline imports in March had been the bottom on document, averaging 56,900 b/d with Saudi Arabia, India and sources within the UAE offering the provides, in line with Kpler. On the identical time, Fujairah’s exports of naphtha to Japan for March averaged 33,400 b/d, nicely above the February whole of 8,000 b/d, the Kpler knowledge confirmed.
Naphtha can be included within the mild distillates, together with different mild petrochemical feedstocks, condensates and gasoline mixing elements equivalent to reformate and alkylate. Mild distillates shares have dropped 54.7% since this time final yr.
Center distillates shares stood at 1.87 million barrels as of April 4, up 4.6% from every week earlier and the best in 5 weeks, in line with the FOIZ knowledge. Jet gasoline, gasoil and diesel are among the many merchandise included within the class. Center distillates shares have slumped 46.9% up to now yr.
Inventories of heavy distillates together with gasoline for marine bunkers and for energy era stood at 10.691 million barrels as of April 4, up 4.9% from every week earlier and a three-week excessive. Heavy distillates is the one class to point out extra stockpiles up to now yr, rising 29.8% for the reason that finish of March 2021.