FUJAIRAH DATA: Oil products stockpiles head for first annual gain in three years

Oil products stockpiles at Fujairah in the UAE rose 0.9% in the week ended Dec. 22, with gains in gasoline and other light distillates more than making up for declines in heavy and middle distillates, according to Fujairah Oil Industry Zone data published Dec. 24.

The total climbed to 20.327 million barrels from a six-week low a week earlier. Inventories are up 31% since the end of 2024, heading for the first annual gain in three years, according to FOIZ data compiled by S&P Global Energy since 2017.

Light distillates, including gasoline and naphtha, increased 8.5% to a six-week high of 7.473 million barrels. Middle distillates, such as jet fuel and diesel, retreated 10% over the week to a two-month low of 2.309 million barrels, showed the data.

Heavy distillates used for power generation and shipping slipped 1.3% to 10.545 million barrels, the lowest in five weeks, according to the data.

Heavy distillates have gained 41% since the end of 2024, while light distillates climbed 23% and middle distillates rose 17%, according to the FOIZ data.

Platts, part of S&P Global Energy, assessed marine fuel 0.5% bunker delivered Fujairah at $425/mt on Dec. 23, while bunker fuel oil 380 CST delivered Fujairah was assessed at $331/mt.