Oil product stockpiles during the UAE’s Port of Fujairah have actually dropped up to a two-week reasonable even while fuels for energy generation and marine bunkers offered gains forward associated with Middle east’s demand that is high for electricity to run air conditioners with summer around the corner.
The total inventory was 17.059 million barrels as of 18, down 0.3% from a week earlier and the lowest since April 4, according to Fujairah Oil Industry Zone data published on April 20 april. Light distillates gasoline that is including naphtha shrank 20% over the same period to 3.944 million barrels, also a two-week low. Light distillates had jumped 45% in the week that is prior April 11, adhering to a record 42% regular leap up to a record minimum of 3.41 million drums set on April 4.
Stocks of center distillates, including jet gas and diesel, additionally dropped throughout the newest few days, by 1.2per cent to 1.166 million drums at the time of April 18, the cheapest because the record minimum of 1.103 million drums set on March 7.
Heavy distillates bucked the trend, with shares striking 11.949 million drums at the time of April 18, up 8.6% from per week previously additionally the greatest since Summer 21, based on the FOIZ data.
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Saudi Arabia is decreasing its dependence on crude oil for energy generation by increasing the usage of various other power resources, such normal fuel and gas oil, according to the US Energy Information Administration.
In March, Fujairah’s fuel oil exports to Saudi Arabia reached 35,900 b/d, the highest since 2020, according to Kpler data september. The kingdom’s electricity consumption increases as domestic demand for air conditioning rises during the summer months. The UAE, on the other hand, mostly relies on natural gas for power generation.
Total inventories as of April 18 were 10.6% lower than a year earlier, with light distillates down 34% and middle distillates off by 62% over the period that is same. Hefty distillates had been virtually 20% greater.
Source: Platts
