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FUJAIRAH DATA: Oil products stocks jump to near 2-year high on middle distillates gain

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FUJAIRAH DATA: Oil products stocks jump to near 2-year high on middle distillates gain

Highlights

Stocks were at record low a year ago

Residues soar 78% on year

Middle distillates also up on year

  • Author
  • Claudia Carpenter
  • Editor
  • James Leech
  • Commodity
  • Oil Shipping

Oil products stockpiles at the UAE's Port of Fujairah climbed to the highest in almost two years as of Sept. 26, with a 58% jump in middle distillates leading the way, according to Fujairah Oil Industry Zone data.

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Total inventory was 24.559 million barrels as of Sept. 26, up 11.6% from a week earlier and the most since Dec. 14, 2020, according to data provided exclusively to S&P Global Commodity Insights.

Middle distillates such as jet fuel and gasoil jumped to 4.706 million barrels, the highest since Feb. 1, 2021, and light distillates like gasoline and naphtha expanded 14.3% over the same period to 7.404 million barrels -- the highest since Aug. 21.

Only heavy distillates and residues used as fuel oil for power generation and marine bunkers dropped for the week to Sept. 26, down 0.8% to 12.449 million barrels.

All products categories are now higher than this time last year, with the total up 63.7% from a record-low 14.998 million barrels set on Sept. 20, 2021. Middle distillates, which were down 24% on the year a week ago, were now 53.7% higher than this time last year. Light distillates were up 49.4% on the year and heavy distillates have ballooned by 78.35%, the data showed.