FUJAIRAH DATA: Oil product stocks climb for second week

Stockpiles of oil products at the UAE's Port of Fujairah climbed 4.8% in the week ended Nov. 6, the second weekly gain in a row, according to data from the Fujairah Oil Industry Zone.

The total rose to 17.873 million barrels as of Nov. 6, the FOIZ data published Nov. 8 showed. Stockpiles at the world's third-biggest bunkering hub are now down 14% since the end of 2022.

Inventory of light distillates such as gasoline and naphtha rose 6.3% to 4.499 million barrels, a two-week high, while heavy distillates used as fuel oil for power generation and shipping gained 5.1% to 11.588 million barrels after surging 25% a week earlier. Heavy distillates are now at a five-week high. Middle distillates such as jet fuel and diesel were little changed at 1.786 million barrels after dropping 16% a week earlier.

Oil product exports excluding fuel oil from Fujairah averaged an estimated 507,000 b/d in October, up from 418,000 b/d in September and the highest since June, according to S&P Global Commodities at Sea data. South Korea was the largest destination, followed by Malaysia and Saudi Arabia. Fuel oil exports averaged 237,000 b/d last month, down from 295,000 b/d in September and the lowest since June.

Heavy distillates stockpiles are up 15% so far in 2023, light distillates have dropped 40% while middle distillates have declined 42% over the same period.