FUJAIRAH DATA: Oil product stocks hit new all-time low of 5.145 mil barrels

Oil product inventories at Fujairah in the UAE declined 4.3% in the week ended June 15 to a fresh record low of 5.145 million barrels, according to Fujairah Oil Industry Zone data published June 17.

Stocks of light distillates, including gasoline and naphtha, fell 33% to a new all-time low of 1.376 million barrels. Inventories have dropped every week since the week ended Feb. 16, according to FOIZ.

Middle distillate stocks, such as jet fuel and diesel, rose 6.5% in the latest week to 1.35 million barrels, the most since April 6, the data showed.

Stocks of heavy distillates, used as fuel for power generation and shipping, increased 18% to a near one-month high of 2.419 million barrels, according to the data.

Total stockpiles have declined 75% since the start of the Middle East war, led by an 86% fall in light distillates, according to FOIZ. Stocks of heavy distillates are down 73% over the same period, and middle distillates dropped 54%.

High-sulfur and low-sulfur assessments have moved in opposite directions as supplies of very low sulfur dwindled, pushing low sulfur to a record high earlier in June. LSFO accounted for 59% of bunker sales at Fujairah in May, with HSFO at 32%, Platts, part of S&P Global Energy, reported earlier.

Platts assessed HSFO delivered in Fujairah at $585/metric ton on June 16, down 4.1% day over day and at the lowest level since April 21.

The LSFO assessment delivered in Fujairah was at $1,201/mt on June 16, down 2.4% from a day ago. It reached a record high of $1,250/mt on June 5.