FUJAIRAH DATA: Oil products stocks climb as middle distillates more than double

Oil products inventories at the UAE's Port of Fujairah climbed 6.2% to a four-week high in the week ended June 16 as middle distillates more than doubled after dropping to a record low two weeks earlier, according to Fujairah Oil Industry Zone data published June 18.

Total stocks rose to 18.419 million barrels. Stocks of middle distillates rose to 1.893 million barrels, from 787,000 barrels a week earlier, reflecting a record percentage weekly gain after dropping to a record low of 652,000 barrels on June 2.

Light distillates such as gasoline and naphtha increased 3.4% to 8.070 million barrels, a four-week high, while heavy distillates used as fuel oil for power generation and shipping declined 3.4% to 8.456 million barrels, a two-week low.

Total stocks rose 18% since the end of 2024, with light distillates rising the most at 33%, followed by heavy distillates at 13%, while middle distillates dropped 3.8%, according to the data compiled by S&P Global Energy since 2017.

For May, ship fuel sales dropped to a three-month low, according to port data June 15 shared with Energy since 2021.

Fuel oil exports for June from Fujairah averaged 419,000 b/d, up from 297,000 b/d in May and the most since July 2022, according to S&P Global Commodities at Sea cargo tracking data. South Korea was the top destination, followed by Malaysia, India and the US.

Exports of other refined products such as jet fuel and gasoline dropped to 249,000 b/d from 372,000 b/d in May, according to the data. The highest exports were of gasoline at 108,000 b/d, up from 94,000 b/d in May. Pakistan was the top destination, followed by Kenya and Tanzania.