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22 July 2024

Fujairah oil stocks fall 6 percent on week


Oil product stocks at Fujairah in the UAE fell 6 percent week on week to 22.804 million barrels on 10th February, with inventories of all products falling except light distillates, which hit a 6-month high, data released by the Fujairah Oil Industry Zone, FOIZ, showed.

Stocks of heavy distillates and residues, including fuel oils used for marine fuel and power generation, fell 7.6 per cent in the week to 11.88 million barrels, the data showed.

Middle distillates inventories, which include jet fuel, marine bunker gasoil, kerosene and diesel, plunged 27.3 per cent over the same period to 2.949 million barrels, the lowest since 28th September last year.

However, inventories of gasoline and other light distillates bucked the downtrend, rising 8.8 per cent on the week to 7.975 million barrels, the highest since 19th August last year, according to the FOIZ data compiled by S&P Global Platts. Platts holds exclusive rights to publish Fujairah oil inventory data, and has deployed a blockchain network for its collation.

FOIZ was established to develop the petroleum strategy for investment in the region. According to FOIZ, 11 terminals are participating in the weekly stock reporting, including storage volumes involved in activities such as blending and refining.