FUJAIRAH DATA: Oil products stocks drop led by fuel oils

Oil products stockpiles at Fujairah in the UAE fell 8.3% in the week ended Feb. 9, led by a 20% decline in heavy distillates used as fuel oil for power generation and shipping fuel, according to Fujairah Oil Industry Zone data published Feb. 11.

The total dropped to 19.699 million barrels, the second consecutive weekly decline and the longest streak of declines since August, according to data compiled by S&P Global Energy Platts since 2017. Stockpiles are now at a five-week low.

Heavy distillates declined to 8.392 million barrels, a three-month low, while light distillates such as gasoline and naphtha dropped 1.1% to 7.975 million barrels, the lowest in three weeks.

Middle distillates, such as jet fuel and diesel, increased 15% to 3.332 million barrels, wiping out a 15% drop in the prior week.

Platts assessed low-sulfur marine fuel 0.5% bunker delivered in Fujairah at $469/mt on Feb. 10, up 1.5% day over day, compared with $408/mt for high-sulfur fuel oil 380 CST delivered in Fujairah, up 1.8% day over day. Platts is part of S&P Global Energy.