FUJAIRAH DATA: Oil product stocks fall nearly 7% to new record low

Oil product inventories at Fujairah in the UAE fell 6.9% in the week ended May 4 to 6.501 million barrels, reaching a record low for the fifth straight week and extending the drop since the US-Iran war started to 69%, according to Fujairah Oil Industry Zone data published May 6.

The total inventories have now dropped for the ninth consecutive week, according to the data.

Stockpiles fell as ships carrying products have largely been unable to pass through the Strait of Hormuz to unload at Fujairah on the UAE's east coast. The oil hub has been attacked at least seven times since the Middle East war began Feb. 28, including on May 4, according to the Fujairah media office.

Stocks of heavy distillates used as ship fuel and for power generation dropped 7.7% in the latest week to an all-time low of 2.822 million barrels, according to FOIZ.

Light distillate stocks, such as gasoline and naphtha, fell 9.3% to a record low of 2.551 million barrels, according to the data.

Meanwhile, middle distillate stocks, including jet fuel and diesel, fell 9.3% to 1.128 million barrels, the first drop in three weeks, the data showed.

Platts, part of S&P Global Energy, assessed marine fuel 0.5% sulfur delivered in Fujairah at $950/metric ton on May 5, up 6.2% day over day. It reached $1,126/mt on March 12, the highest level since July 2022. High-sulfur fuel oil delivered in Fujairah was assessed at $730/mt on May 5, up 9% from a day earlier.