FUJAIRAH DATA: Stocks rise to 20.547 mil barrels as light distillates surge

Oil product stockpiles at Fujairah in the UAE rose 4.3% in the week ended Feb. 16, led by a 24% surge in light distillates to their highest level since June 2019, according to Fujairah Oil Industry Zone data published Feb. 18.

The total increased to 20.547 million barrels, ending a two-week losing streak.

Light distillates, including gasoline and naphtha, rose to 9.888 million barrels while heavy distillates used as fuel oil for power generation and shipping dropped 9.1% to 7.631 million barrels, extending a three-month low. It is the first time since October that light products exceeded heavy distillates, according to the data compiled by S&P Global Energy since 2017.

Middle distillates, such as jet fuel and diesel, also dropped 9.1% to 3.028 million barrels, a two-week low.

Platts, part of S&P Global Energy, assessed low-sulfur marine fuel 0.5% bunker delivered in Fujairah at $471/metric ton on Feb. 16, close to the four-month high of $477/mt set on Feb. 11, compared with $413/mt for high-sulfur fuel oil 380 CST delivered in Fujairah, near the four-month high of $420/mt set Feb. 12.