FUJAIRAH DATA: Oil product stocks fall 6% to fourth straight record low

Oil product inventories at Fujairah in the UAE fell 6.3% in the week ended April 27 to 6.982 million barrels, hitting a record low for the fourth straight week and extending the drop since the US-Iran war started to 66%, according to Fujairah Oil Industry Zone data published April 29.

As recently as early March, inventories of heavy distillates and light distillates each exceeded 8 million barrels. The total has now dropped eight weeks in a row, according to the data. Fujairah has been attacked at least six times since the war started on Feb. 28.

Stocks of heavy distillates used as ship fuel and for power generation dropped 14% in the latest week to a third consecutive record low of 3.058 million barrels, and light distillate stocks, such as gasoline and naphtha, slipped 2.7% to 2.680 million barrels, the second consecutive all-time low, according to FOIZ.

Meanwhile, middle distillate stocks, including jet fuel and diesel, climbed 9.1% to a three-week high of 1.244 million barrels, the second consecutive increase, the data showed.

Platts assessed marine fuel 0.5% sulfur delivered in Fujairah at $812/metric ton on April 28, up 2.1% on the day. It reached $1,126/mt on March 12, the highest since July 2022. High-sulfur fuel oil delivered in Fujairah was assessed at $660/mt on April 28, up 1.5% day over day. Platts is part of S&P Global Energy.