Fujairah Data: Oil Products stocks dip for seventh consecutive week

Dubai — Stockpiles of oil products at Fujairah on the UAE's east coast continued to decline for the seventh week in a row, further eroding inventories that had climbed to a record high on June 1.

Inventories fell to 24.233 million barrels as of Aug. 10, down 3.1% from a week earlier, according to an Aug. 10 report from the Fujairah Oil Industry Zone, provided exclusively to S&P Global Platts.

Stockpiles are now the lowest since April 20 and have declined 21% from the all-time high of 30.71 million barrels on June 1.

Light distillates fell 5.1% week on week to 6.915 million barrels, the steepest decline among the three oil product categories. The category covers gasoline, blending components such as reformate and alkylate, naphtha and other light petrochemical feedstocks and condensates.

Heavy distillates and residues, which include fuel used in marine bunkers and for power generation, dipped 2.7% to 13.795 million barrels, the lowest level since April 27.

Middle distillates fell 0.8% in the week to Aug. 10 to 3.523 million barrels.

Gasoil has been in tight supply recently amid growing demand, notably in India, Platts previously reported. Other middle distillates are jet fuel, diesel, marine bunker gasoil and kerosene.