FUJAIRAH DATA: Oil product stocks drop 21% on week to six-month low

Oil product stockpiles at the UAE's Port of Fujairah dropped 21% to a six-month low in the week ended Dec. 19, the biggest decline since a record low in February, according to Fujairah Oil Industry Zone data published Dec. 21.

Total inventories were 19.296 million barrels as of Dec. 19, the lowest since June 13, the FOIZ data provided exclusively to S&P Global Commodities Insights showed. That's the biggest percentage decline since a 28% drop in the week ended Feb. 14, when the total was at a record low of 14.266 million barrels.

Total stockpiles are now up 21% since the end of 2021, heading for the biggest annual increase since 2020, when they jumped 27%, according to FOIZ data compiled by S&P Global. A week ago, the total was 52% higher for the year, heading for a record annual gain.

Declines for the week ended Dec. 19 were widespread, with middle distillates down 35% at 2.479 million barrels, the lowest since June 6, and light distillates down 18% at 6.354 million barrels, the lowest since Nov. 28. Heavy distillates also dropped 18% over the week to 10.463 million barrels, the lowest since June 20.

Light distillates stockpiles are leading gains for the year, up 46% followed by a 16% increase for middle distillates and a 10% gain for heavy distillates.

Thirteen terminals contribute to the stockpiles data through the Fujairah Energy Data Committee (FEDCom), a department of FOIZ. S&P Global has been the official publisher of the data since January 2017. Light distillates include gasoline and naphtha and blending components such as alkylate, and middle distillates cover gasoil, diesel, marine bunker gasoil, jet fuel and kerosene. Heavy distillates are fuel oils used for marine bunkers and power generation.