Oil product inventories at the UAE's Port of Fujairah climbed to a one-year high as of July 4 with gains across the board, according to Fujairah Oil Industry Zone data shared exclusively with S&P Global Commodity Insights on July 6.
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Total stockpiles stood at 22.253 million barrels as of July 4, up 14.9% from a week earlier and the highest since June 28, 2021, according to the data provided to S&P Global since January 2017. Jet fuel and other middle distillates inventories soared 32% to 3.808 million barrels, a nine-month high.
Heavy distillates and residues, used as a shipping fuel and for power generation, rose 14% over the most recent week to 12.623 million barrels as of July 4, the highest since June 21, 2021. Gasoline, naphtha and other light distillates stood at 5.822 million barrels as of July 4, up 7% from a week earlier and the first increase in four weeks.
Total product exports fell to 536,000 b/d in June from 595,000 b/d in May and were 27% lower than June 2021, according to Kpler data. Fuel oils were the top export, at 407,000 b/d in June, the highest in a year with Singapore the top destination.
Fujairah 0.5% sulfur bunker fuel, delivered, jumped $85/mt over June compared with a $15/mt increase for Singapore delivered, according to Platts assessments by S&P Global. As of July 5, Fujairah bunkers delivered was $1,140/mt, $5/mt higher than Singapore after being at par the day before.
Light distillates exports dropped to 95,800 b/d in June from 174,000 b/d in May, with Nigeria the top destination at 11,500 b/d, all of it gasoline, according to the Kpler data.
Middle distillates exports climbed to 33,600 b/d in June from 30,100 b/d in May, led by gasoil and diesel, the Kpler data showed. Egypt and Tanzania were the biggest destination countries.
Total inventories have dropped 3.5% since this time last year, with all categories showing declines except for heavy residues, which are up 6.4%. Light distillates have declined 19.8% and middle distillates fell 3.4%.