FUJAIRAH DATA: Oil product stockpiles rebound as light distillates jump record 72%

Oil product stockpiles at the UAE's Fujairah rebounded 6.2% in the week ended Oct. 19, led by a record 72% jump in light distillates such as gasoline and naphtha, according to Fujairah Oil Industry Zone data published Oct. 21.

Total inventory rose to 7.247 million barrels, marking the first gain in four weeks, the data showed. Stocks remain 65% below the Feb. 23 level before the onset of the Iran war, as disruptions to ship traffic through the Strait of Hormuz continue. Fujairah is located on the UAE's east coast, just outside the Strait of Hormuz.

Light distillate stocks recovered to 1.304 million barrels from a record low of 760,000 barrels a week earlier, according to FOIZ data. The inventory increase was the largest recorded in FOIZ data shared with S&P Global Energy since 2017.

Stocks of heavy distillates, used as ship fuel and for power generation, rose 12% to 3.682 million barrels, representing a two-week high, while middle distillate inventories declined 18% to 2.261 million barrels after hitting their highest level since the start of the war a week earlier.

Since the war began, heavy distillate stocks have dropped 53%, while middle distillate inventories have fallen 23% and light distillate stocks have declined 87%.

Platts, part of S&P Global Energy, assessed Fujairah-delivered marine fuel with 0.5% sulfur at $982/metric ton on Oct. 20, the highest since Oct. 13, while Fujairah-delivered high-sulfur fuel 380 CST was assessed at $739/mt, the lowest since Oct. 13.