FUJAIRAH DATA: Oil products stocks slip, down 19% from record in June

Dubai — Stockpiles of oil products at Fujairah on the UAE's east coast resumed declines, further eroding inventories that had climbed to a record on June 1.

Inventories fell to 25.01 million barrels as of Aug. 3, down 2.7% from a week earlier, the fifth drop in six weeks, according to an Aug. 5 report from the Fujairah Oil Industry Zone and provided exclusively to S&P Global Platts.

Stockpiles are now the lowest since April 27 and have declined 19% from the all-time high of 30.71 million barrels on June 1.

Middle distillates tumbled 19% in the latest week to 3.552 million barrels, the lowest since April 13.

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.

Light distillates climbed 8% to 7.283 million barrels, a two-week high. The category covers gasoline, blending components such as reformate and alkylate, naphtha and other light petrochemical feedstocks and condensates.

A fresh wave of coronavirus infections has weakened the gasoline complex, which would lead to less naphtha used for blending, and increase availability of cargoes for naphtha buyers, Platts reported earlier.

Heavy distillates and residues which include fuel used in marine bunkers and for power generation dipped 3% to 14.175 million barrels, a two-week low.