FUJAIRAH DATA: Oil product stocks fall from six-month high

Oil products inventories at the UAE's Port of Fujairah fell 2.8% in the week ended Feb. 3, led by a 33% tumble in jet fuel, diesel and other middle distillates, according to Fujairah Oil Industry Zone data published Feb. 5.

The total dropped to 18.328 million barrels from a six-month high a week earlier, according to FOIZ data. Middle distillates ended at 1.841 million barrels, a 12-week low while heavy distillates used as fuel oil for power generation and shipping fell 6% to 8.1848 million barrels, a two-week low.

Light distillates stocks increased 12% to 8.339 million barrels, the highest since April 2023 and exceeding heavy distillates for only the second time since 2019, according to the FOIZ data compiled by S&P Global Commodity Insights since 2017.

Total products exports from Fujairah averaged 416,000 b/d in the week started Jan. 27, up from 219,000 b/d in the prior week, Kpler data shows. Malaysia and Tanzania were the largest destination countries and fuel oils were the leading export.

Refined products imports averaged 719,000 b/d in the latest week, mostly fuel oils and gasoline and down from 860,000 b/d the prior week, according to the data. Kuwait, Iran, India and Iraq were the leading origin countries for the latest week.

In shipping, Platts-assessed high sulfur fuel oil in Fujairah rose to $486/mt on Feb. 3 from $478/mt a week earlier while low sulfur fuel oil gained to $574/mt from $573/mt over the same period, Commodity Insights data showed.