FUJAIRAH DATA: Oil products stocks rise before FOIZ fire

Oil products inventories at Fujairah in the UAE rose 1.3% in the week ended March 2 from the previous week, according to Fujairah Oil Industry Zone data published March 4.

The total increased to 20.786 million barrels, the highest in four weeks. The data is for the week ended March 2, one day before a fire broke out March 3 within FOIZ, from falling debris after a drone was intercepted by air defence systems, according to the UAE's WAM news service. The fire was later put out, it said.

Light distillates, including gasoline and naphtha, rose 1% in the week to 9.874 million barrels and middle distillates such as diesel and jet fuel dropped 8% to 2.688 million barrels, a seven-week low, the data showed. Heavy distillates used as fuel oil for power generation and shipping rose 4% week over week to 8.224 million barrels, a three-week high, according to the data.

Platts, part of S&P Global Energy, assessed low sulfur fuel oil delivered Fujairah on March 3 up 16% at $665/metric ton, while the high sulfur variety jumped 19% to $595/mt. The Fujairah Oil Tanker Terminals, the Port of Fujairah's hub for storage and bunker deliveries, suspended operations and instructed ships to shift their location to anchorage for safety reasons, two sources told Platts on March 3. Port officials have directed all calls to government media offices.