FUJAIRAH DATA: Oil product stocks fall nearly 10% led by light distillates

Oil product inventories at Fujairah in the UAE declined 9.9% in the week ended Aug. 10, led by a 25% fall in light distillate stocks, according to Fujairah Oil Industry Zone data published Aug. 12.

The total inventory dropped to 6.307 million barrels, the lowest since the record low of 5.145 million barrels reached on June 15, according to the data compiled by Platts, part of S&P Global Energy, since 2017.

Middle distillate stocks, such as jet fuel and diesel, declined 6% to a two-week low of 1.497 million barrels, showed FOIZ data.

Heavy distillate inventories, used as shipping fuel and for power generation, fell 5% from a week earlier to 3.597 million barrels, marking the fourth drop in five weeks, according to the data.

Light distillate stocks, such as gasoline and naphtha, dropped 25% to a three-week low of 1.213 million barrels, the data showed.

The Platts-assessed marine fuel oil 0.5% sulfur delivered Fujairah was up 2.1% day over day at $817/metric ton on Aug. 11, the highest since July 24.

The Platts-assessed high-sulfur fuel oil delivered Fujairah rose 3% from a day ago to $618/mt, also the highest since July 24.

Ship fuel demand is considered sluggish, a trader told Platts. But the lack of new cargo arrivals helped support prices, the person said.

Platts assessed the Fujairah-delivered 0.5%S marine fuel bunker premium to the benchmark FOB Singapore marine fuel 0.5% sulfur cargo values at $58.83/mt on Aug. 11, up 27% week over week.

For HSFO, the Platts-assessed Fujairah-delivered 380 CST HSFO bunker premium to the 380 CST 3.5%S FOB Arab Gulf fuel oil cargo assessments was $116.17/mt Aug. 11, down from $132.53/mt a week earlier on Aug. 3.