FUJAIRAH DATA: Oil product stocks drop to four-week low

Stockpiles of oil products at the UAE's Port of Fujairah declined 3.1% in the week ended July 29 to a four-week low, according to July 31 data from the Fujairah Oil Industry Zone.

The total fell to 17.785 million barrels, the lowest since July 1, the FOIZ data showed. Stockpiles have, however, increased 2.9% since the end of 2023.

Middle distillates such as jet fuel and diesel led the drop with a 31% decline to 1.868 million barrels, the lowest in four months. Light distillates such as gasoline and naphtha fell 0.3% to 6.215 million barrels, the lowest in three weeks. Heavy distillates used for power generation and as ship fuel climbed 3% to a two-week high of 9.702 million barrels.

Oil product exports from Fujairah have averaged 545,000 b/d so far in July, the lowest since February, according to S&P Global Commodities at Sea data. The destination countries for fuel oil from the port are Singapore, South Africa, Indonesia and Oman. Oman is set to receive 14,000 b/d this month, the highest since June 2022, the data showed. Saudi Arabia is set to receive 16,000 b/d of jet fuel from Fujairah in July, marking the first shipment since December 2022.

Bunker prices in Fujairah have been falling in recent weeks. The Platts-assessed Fujairah marine fuel with 0.5% sulfur dropped to $591/mt on July 30, the lowest since June 14, while high sulfur fuel oil 380 CST delivered Fujairah fell to $470/mt, the lowest since March 27, according to S&P Global Commodity Insights data.

So far since the end of 2023, stocks of light distillates have climbed 33%, heavy distillates have dropped 4.3% and middle distillates have declined 25%.