FUJAIRAH, 12th August, 2020 (WAM / S&P Platts) — Stockpiles of oil products at the UAE’s East Coast Port of Fujairah continued to decline for the seventh week in a row, further eroding inventories that had climbed to a record high on 1st June.
Inventories fell to 24.233 million barrels as of 10th August, down 3.1 percent from a week earlier, according to a report from the Fujairah Oil Industry Zone, FOIZ, provided exclusively to S&P Global Platts.
Stockpiles are now the lowest since 20th April and have declined 21 percent from the all-time high of 30.71 million barrels on 1st June.
Light distillates fell 5.1 percent week on week to 6.915 million barrels, the steepest decline among the three oil product categories. The category covers gasoline, blending components such as reformate and alkylate, naphtha and other light petrochemical feedstocks and condensates.
Heavy distillates and residues, which include fuel used in marine bunkers and for power generation, dipped 2.7 percent to 13.795 million barrels, the lowest level since 27th April.
Middle distillates fell 0.8 percent in the week to 10th August, to 3.523 million barrels.
Gasoil has been in tight supply recently amid growing demand, notably in India, Platts previously reported. Other middle distillates are jet fuel, diesel, marine bunker gasoil and kerosene.
Source: Emirates News Agency