FUJAIRAH DATA: Oil product stocks drop across all categories

Oil product stockpiles at Fujairah in the UAE dropped 14% in the week ended Dec. 15 to a six-week low, with declines registered across all categories, according to Fujairah Oil Industry Zone data published Dec. 17.

Total inventories fell to 20.142 million barrels -- the first drop in four weeks and the lowest level since Nov. 3 -- after reaching an eight-month high the previous week. Inventories were up 30% since the end of 2024, the data showed.

Middle distillate stocks, such as jet fuel and diesel, fell 21% over the week to 2.576 million barrels, a two-month low, according to the data.

Stocks of heavy distillates used for power generation and shipping declined 17% to 10.681 million barrels, the lowest in four weeks. Light distillate stocks, including gasoline and naphtha, slipped 5.9% to 6.885 million barrels, the data showed.

Heavy distillate stocks have risen 42% since the end of 2024, while light distillates have climbed 13% and middle distillates have increased 31%, according to FOIZ data compiled by Platts, part of S&P Global Energy, since 2017.

Competition among sellers continued to pressure both HSFO and LSFO bunker premiums over the week, while rougher sea swells and stronger winds around the region temporarily led to the extension of refueling lead times, according to a report published by the UAE's National Centre of Meteorology on Dec. 17.

The Platts-assessed Fujairah-delivered 380 CST HSFO bunker premium to fuel oil 380 CST FOB Arab Gulf cargoes averaged $11.17/mt in November, falling from $29.65/mt in October. The average was at $12.95/mt over Dec. 1-16.

Additionally, the Platts-assessed Fujairah-delivered marine fuel 0.5%S premium over FOB Singapore marine fuel 0.5%S cargoes averaged $6.53/mt in November, below the October average of $11.15/mt. It increased marginally to $6.67/mt over Dec. 1-16.