FUJAIRAH DATA: Oil product inventory drops 4%, led by middle distillates

Dubai — Stockpiles of oil products at the UAE port of Fujairah fell 4% in the week to Dec. 21, with the biggest decline recorded in middle distillates, the latest data from the Fujairah Oil Industry Zone showed.

The total stood at 23.684 million barrels, a drop of 900,000 barrels from the previous week, according to the data provided exclusively to S&P Global Platts.

Middle distillate stocks in Fujairah, including jet fuel and diesel, fell 9.5% on the week to 5.478 million barrels.

The volume of jet fuel cargoes headed to Asia has seen a fourfold increase for second-half of December loadings from the Middle East and India, compared with first-half December, underscoring the pick-up in the Asian aviation sector, industry sources told S&P Global Platts.

H2 December-loading Middle East and Indian fixtures of jet fuel with East-bound options grew to 485,000 mt, a jump from 120,000 mt for H1 December-loadings, according to industry sources and cFlow, Platts trade-flow software.

Bunker fuels

Light distillate stocks in Fujairah, such as gasoline and naphtha, shrank by 2.8% to 7.055 million barrels.

Heavy distillates, including fuel for power generation and bunkers, declined 1.9% to 11.115 million barrels, the data showed.

In the Fujairah delivered marine fuel 0.5% market, prices remained largely similar to Dec. 21 levels, with offers initially heard in the range of $397-$399/mt before falling to $396/mt toward the end of the Platts Market on Close assessment process on Dec. 22.

February ICE Brent crude oil futures dipped below the $50/b level on Dec. 22 and Singapore and Fujairah marine fuel 0.5% cargo prices fell in tandem.