FUJAIRAH DATA: Oil products stocks rise 14% from record low

Oil products stockpiles at the UAE's Port of Fujairah rose 14% in the week ended Sept. 22, rebounding from a record low the previous week, driven by increased inventories of fuel oils, according to Fujairah Oil Industry Zone data published Sept. 24.

Total stocks rose to 14.922 million barrels from 13.089 million barrels a week earlier, the lowest level since the port began sharing data with S&P Global Energy in January 2017. The total is down 4% since the end of 2024.

Heavy distillates used as fuel oil for shipping and power generation rose 23% to 6.628 million barrels after reaching their lowest level since December 2018 a week earlier. They are down 12% since the end of 2024.

Middle distillates such as jet fuel and diesel dropped 2% to a five-week low of 1.618 million barrels, extending this year's decline to 18%. Light distillates, including gasoline and naphtha, rose 10% to 6.676 million barrels, marking a 10% increase so far this year.

Ship fuel supplies have been hampered by reduced supplies of Dar Blend crude from South Sudan, needed to supply some refineries operating at the port. That may begin to ease with the Minerva Ellie on its way to Fujairah for discharge on Oct. 1 after loading at Port Sudan, according to S&P Global Commodities at Sea.

Heavy distillates stockpiles were buoyed from very low levels by incoming high sulfur fuel oil supplies, a trend that is expected to continue, traders said.

Platts, part of Energy, assessed the Fujairah-delivered 380 CST HSFO bunker premium to the 380 CST 3.5%S FOB Arab Gulf fuel oil cargoes at an average of $13.45/mt so far in September, above the August average of $12.50/mt.

Low sulfur fuel oil, however, remained much more supported by limited supplies, traders said.

Platts assessed the Fujairah-delivered LSFO marine fuel premium over the FOB Singapore cargo values at an average of $13.44/mt this month, up from $7.68/mt in August.