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FUJAIRAH DATA: Oil product stocks climb to 4-week high as heavy distillates jump 22%

Highlights

Singapore top export destination in Sept: Kpler

Light distillates down most in past year

Cyclone Shaheen disrupted bunker sales

Oil product stockpiles at the Port of Fujairah on the UAE's east coast climbed to a four-week high on signs of slowing exports to major trading partners including Singapore, China and Pakistan.

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The total inventory was at 16.713 million barrels as of Oct. 4, up 7.6% from a week earlier and the highest since Sept. 6, according to Fujairah Oil Industry Zone data provided exclusively to S&P Global Platts on Oct. 6. Heavy distillates used for power generation and marine bunkers jumped 22% to 8.176 million barrels, the biggest jump since May 31 and first increase in four weeks. Bunker sales were disrupted at Fujairah over the past week due to Cyclone Shaheen which struck Oman to the south of Fujairah on Oct. 3.

Product exports from Fujairah were little changed in September at 643,000 b/d, with shipments headed for Singapore down to 155,000 b/d from 242,000 b/d in August, according to commodity data company Kpler. Shipments to China slipped to 18,700 b/d from 44,600 b/d and to Pakistan dropped to 14,800 b/d from 37,800 b/d. For the month, Singapore was the top export destination, followed by Malaysia, Kenya, Yemen and Kuwait. Fuel oil was the most exported product, followed by naphtha, gasoline and gasoil.

Light distillates inventories including gasoline and naphtha dropped to 4.682 million barrels on Oct. 4, down 8.4% from a week earlier and the lowest since the record low of 4.198 million barrels on Oct. 26, 2020. Middle distillates including jet fuel and gasoil climbed 4.2% over the week to Oct. 4 to 3.855 million barrels, a three-week high.

Total oil products inventories are down 20.3% from this time of last year, led by a 28% shrinkage in light distillates. Heavy distillates have dropped 19.2% over the same period and middle distillates are down by 11.1%.