FUJAIRAH DATA: Oil product inventories rebound from near-record lows

Oil product stockpiles at the UAE's Port of Fujairah rose 10.3% for the week ended Jan. 17, rebounding from near-record lows, according to the latest data from the Fujairah Oil Industry Zone.

Total inventories were reported at 16.887 million barrels, up 1.578 million barrels from the previous week, which had seen the lowest levels since September 2021. The gain was driven by rising stocks of middle and heavy distillates.

Heavy distillates stocks, including fuel for power generation and for shipping, rose by 772,000 barrels, or 8.4%, week on week to 9.950 million barrels, amid what traders said was a generally buoyant outlook for bunker fuels in the Fujairah market.

Offers for delivered marine fuel 0.5% sulfur fuel in Fujairah were heard at $685-$700/mt, with the price assessed at $687/mt on Jan. 18, up $17/mt from the previous day, Platts data showed. The Fujairah price was at a $5/mt discount to Singapore, which saw its delivered bunkers on the same basis assessed at $692/mt.

Stocks of middle distillates, including diesel and jet fuel, nearly doubled to 2.426 million barrels, rising 1.180 million barrels, or 94.7%, on the week. The East of Suez gasoil market has been tight, according to traders. The added that the conditions could persist in the coming months due to lower oil product exports from China, which has imposed limited export quotas.

The Jan. 17 drone attack by Yemeni Houthi rebels that hit the Abu Dhabi airport had only a limited impact on flights due to a short-lived closure.

Light distillates, including gasoline and naphtha, fell 374,000 barrels, or 7.7%, week on week to 4.511 million barrels, despite what traders noted was an uptick in supply availability in the East of Suez gasoline market.

Inventories data from the FOIZ is provided exclusively to S&P Global Platts.