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FUJAIRAH DATA: Oil product stocks climb to two-week high after record plunge

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FUJAIRAH DATA: Oil product stocks climb to two-week high after record plunge

Highlights

Gasoil exports pick up

Total inventories have dropped 10% in past year

Middle distillates stocks were at record high a year ago

Oil product stockpiles at the UAE's Port of Fujairah climbed to a two-week high as of Nov. 29 as fuel oils for shipping and power generation surged to a five-month high, according to Dec. 1 data from the Fujairah Oil Industry Zone provided exclusively to S&P Global Platts.

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Total inventories stood at 18.096 million barrels, up 11.3% on the week after a record 19.9% plunge in the prior week ended Nov. 22, the data showed. Heavy distillates including fuel oils jumped 30% over the week to 11.912 million barrels, the most since June 21, 2021.

Middle distillates bucked the trend and declined 33% over the week to 1.877 million barrels as of Nov. 29, the lowest since March 2020, according to the data compiled by Platts since January 2017. Light distillates stood at 4.307 million barrels as of Nov. 29, up 0.9% from a week earlier.

Fujairah exports of middle distillates have picked up, with traders set to ship out 340,000 barrels of gasoil in the week started Nov. 22, compared with 160,000 barrels a week earlier, according to Kpler shipping data. Fuel oil exports at the same time have slowed to 1.01 million barrels to Singapore, Malaysia and Djibouti, from 2.58 million barrels in the prior week, the data showed. Light distillates shipments from Fujairah were up to 1 million barrels from 790,000 barrels a week earlier, with Yemen, Djibouti and Japan the leading destinations.

Total inventories were down 10.1% since this time last year, with middle distillates plunging 69.5% from the record high set a year ago. Light distillates have dropped 35.64% while heavy distillates were up 63.83% over the same period.