FUJAIRAH DATA: Oil product stocks decline for third consecutive week

Oil product inventories at Fujairah in the UAE fell 9.9% in the week ended Oct. 12, led by a 30% decline in heavy distillates used as ship fuel and for power generation, according to Fujairah Oil Industry Zone data published Oct. 14.

Total inventory fell to a four-week low of 6.825 million barrels, marking a 34% decline over the past three weeks, according to the data. Heavy distillates fell to 3.291 million barrels, also the lowest in four weeks, the data showed.

Fujairah-delivered marine fuel with 0.5% sulfur was $993/metric ton Oct. 13, the most since Sept. 21 and up 2% day over day, while Fujairah-delivered high-sulfur fuel 380 CST rose 0.4% to $738/mt over the same period, according to Platts assessments by S&P Global Energy. The HSFO price on Oct. 13 was the highest since Sept. 16, according to Platts data.

Light and middle distillate stocks gained for the week. Middle distillates such as diesel and jet fuel rose 21% in the latest week to 2.774 million barrels, the highest since Feb. 23 before the Iran war began on Feb. 28, according to the FOIZ data compiled by S&P Global Energy since 2017.

Light distillates, including gasoline and naphtha used in petrochemicals, increased 30% over the latest week to 3.291 million barrels, rebounding from a record low the prior week, according to FOIZ data.