Dubai — Oil products stocks at the Port of Fujairah rose 5.2% week on week, led by an increase in light ends and middle distillates, according to data exclusively obtained by Platts from the Port of Fujairah.
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Products stock levels stood at 21.397 million barrels as of Monday, January 28.
Stocks of light distillates saw a hike of 14.6% week on week to hit a record 11.975 million barrels.
This is the highest recorded level since stock reporting began in January 2017, the previous high was on November 5, 2018 when 10.84 million barrels were recorded.
The gasoline market was characterized as being chronically oversupplied, with stock builds in the US and Singapore piling downward pressure on the market.
Gasoline cracks in Asia remained in negative territory with the FOB Singapore 92 RON gasoline crack spread to front-month ICE Brent crude oil futures assessed at minus $2.45/b at the Asian close on Tuesday.
Stocks of middle distillates slumped by 14.5% week on week to 1.269 million barrels. This is the second lowest level recorded, with stocks last lower at 1,212 million barrels on December 4, 2017.
Overall the market was seen as trading rangebound for gasoil across Asia.
"The market is [moving] sideways," a gasoil trader said Tuesday.
In addition, with the Lunar Year holiday approaching, this was expected to lead to a fall in market activity across parts of Asia in the days ahead.
Stocks of heavy residues fell by 3.1% week on week to 8.153 million barrels.
Overall supply for bunkers in Fujairah remained ample while demand was muted in the port, traders noted in recent days.
The spread between Fujairah and Singapore delivered bunkers was seen at negative $17/mt on Tuesday, while the spread in January to date averaged negative $11.35/mt, Platts data showed.
S&P Global Platts holds exclusive rights to publish Fujairah oil inventory data, and has deployed a blockchain network for its collation.
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