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Refined Products, Fuel Oil, Gasoline
June 03, 2025
By Claudia Carpenter and Nicholson Lim
HIGHLIGHTS
Middle distillates shrink 35% in one week
Heavy distillates down 25% in one week
More fuel oil on the way
Oil product inventories at the UAE's Port of Fujairah declined another 13% to a five-month low in the week ended June 2, led by double-digit shrinkage in categories that include diesel and fuel oil for power generation and shipping, according to Fujairah Oil Industry Zone data published June 4.
The total fell to 15.616 million barrels, the lowest since Dec. 31, with middle distillates down another 35% to a second consecutive all-time low of only 652,000 barrels and heavy distillates off 25% to 7.238 million barrels, also a five-month low. Light distillates, such as gasoline and naphtha, rose 5.9% to 7.726 million barrels, rebounding from a two-month low a week earlier and exceeding heavy distillates for the first time since February.
More fuel oil is on its way to Fujairah this month from Iraq, Russia, Saudi Arabia and Kuwait as the Middle East heads into the peak power demand season for air-conditioning, according to S&P Global Commodities at Sea cargo-tracking. Fuel oil exports from the port averaged 355,000 b/d in May, the most since September.
Some 206,000 b/d of gasoline from Saudi Arabia is heading to Fujairah in June, the biggest monthly average for the fuel imported into the port since November 2016, according to the cargo-tracking tool.
Low-sulfur fuel oil delivered Fujairah and assessed by Platts, part of S&P Global Commodity Insights, dropped to $487/mt on May 30, the lowest since May 6, while the high-sulfur grade delivered Fujairah dropped to $405/mt on June 2, the lowest since May 8. LSFO was $488/mt on June 2.