FUJAIRAH DATA: Oil products stocks drop 11% to near all-time low

Oil products stockpiles at the UAE's Port of Fujairah fell 11% in the week ended Sept. 29, led by declines in fuel oil and light distillates, according to Fujairah Oil Industry Zone data published Oct. 1.

The total fell to 13.328 million barrels, near the record low of 13.089 million barrels set two weeks earlier, according to the data compiled by S&P Global Energy since January 2017. The total is down 14% since the end of 2024 and 23% since the end of 2023.

Heavy distillates used as fuel oil for shipping and power generation dropped 17% to 5.509 million barrels, back near the six-year low set two weeks earlier. They are down 27% since the end of 2024 and 84% since the end of 2023.

Light distillates, including gasoline and naphtha, slipped 11% over the latest week to 5.928 million barrels, the lowest since Nov. 25, 2024. They are down 2.3% so far this year but up 26% since the end of 2023.

Middle distillates such as jet fuel and diesel increased 17% to 1.891 million barrels, a three-week high. They are still down 3.9% this year and 24% since the end of 2023.

Refined products exports are averaging 666,000 b/d in September, little changed from 653,000 b/d in August, according to S&P Global Commodities at Sea. The low this year was 556,000 b/d in April and the peak was 818,000 b/d in February.

Ship fuel assessments have gone up for both low-sulfur and high-sulfur fuel oil grades in September, with HSFO demand from term contract buyers described as healthy, traders at the port said. Some bunker suppliers had to delay deliveries tolater in October, they said. LSFO was more available for refueling in early October, they added.

For HSFO, the Platts-assessed Fujairah-delivered 380 CST HSFO bunker premium to the 380 CST 3.5%S FOB Arab Gulf fuel oil cargoes averaged $13.32/mt in September, up from $12.50/mt in August.

For LSFO, Platts assessed the Fujairah-delivered LSFO marine fuel premium over the FOB Singapore cargo values at an average $13.15/mt for September, up from $7.68/mt in August.

Platts is part of Energy.