FUJAIRAH DATA: Oil product stockpiles climb as middle distillates extend wild ride

Oil product inventories at the UAE's Port of Fujairah climbed to a two-week high as middle distillates jumped from a record low, extending a wild ride for most of this year.

Total inventory rose 4.6% in the week ended March 14 to 18.539 million barrels, the highest since Feb. 28, according to March 16 data from the Fujairah Oil Industry Zone. Stockpiles were 3.1% higher than this time last year, the data provided exclusively to S&P Global Commodity Insights shows.

Middle distillate stocks jumped 54% in the latest week to 1.703 million barrels as of March 14, after dropping to the all-time low of 1.103 million barrels as of March 7. Middle distillates include jet fuel, gasoil, diesel, marine bunker gasoil and kerosene. Since the beginning of this year, middle distillates have dropped 20% after weekly gains of as much as 95% and declines of as much as 55%.

There are no signs of a pickup or slowdown in Fujairah exports of middle distillates this year, according to Kpler data. Earlier this month, Aramco Trading Co. issued a buy tender for gasoil for delivery in several ports, including Ras Tanura, where partial maintenance related to diesel producing units is expected to last until the end of March, sources said.

Light distillates, including gasoline and naphtha, stood at 6.045 million barrels as of March 14, up 4% from a week earlier and at a two-week high.

Saudi Arabia accounted for all gasoline shipments from Fujairah for the week started March 7, at 90,000 barrels, the first gasoline trade to the kingdom since Jan. 17, according to the Kpler data. Gasoline exports from Fujairah dropped from 2.1 million barrels in the week started Feb. 28.

Inventories of heavy distillates and residues, such as fuels for marine bunkers and power generation, were little changed at 10.791 million barrels as of March 14 compared with 10.788 million barrels a week earlier.

Stockpiles of light distillates have dropped 8.7% in the past year while heavy distillates have climbed 3.2%.