FUJAIRAH DATA: Oil product stocks fall from two-year high

Oil product stockpiles at the UAE's Port of Fujairah fell across all categories in the week ended Nov. 14 after hitting a two-year high a week earlier, Fujairah Oil Industry Zone data showed Nov. 16.

The total inventory fell 5.2% week on week to a two-week low of 23.858 million barrels Nov. 14, the data provided exclusively to S&P Global Commodity Insights showed. The stockpiles hit the highest since August 2020 Nov. 7. Inventories of all product categories also fell to a two-week low as of Nov. 14.

Stockpiles of heavy distillates used as fuel for power generation and marine bunkers fell 1.3% on the week to 14.419 million barrels after hitting a 17-month high a week ago. Marine fuel with 0.5% sulfur delivered Fujairah dropped to $645/mt Nov. 15, the lowest since Jan. 10, according to the Platts assessment from S&P Global.

Middle distillates declined 20% over the period to 2.629 million barrels, the biggest percentage drop since July, while light distillates shrank 6.1% week on week to 6.810 million barrels.

Stockpiles have jumped 49% so far this year, led by a 57% surge in light distillates. Heavy distillate inventories have risen 51% and middle distillates are 23% higher since the end of 2021.