FUJAIRAH: Oil product stockpiles at the UAE’s Port of Fujairah fell by 10 per cent in the past week to the lowest level in almost five months as of Monday, led by declines in marine fuel and heavy distillates, according to data released on Wednesday from the Fujairah Oil Industry Zone, FOIZ.
Stockpiles fell to 21.398 million barrels, the lowest since January 28, data compiled by S&P Global Platts showed. Heavy distillates and residues slumped 13 per cent to 10.213 million barrels, the biggest decline since November 26, 2018, and the lowest since April 1 this year.
Stockpiles of light distillates — such as gasoline — dropped 11 per cent to 9.053 million barrels, wiping out gains for this year to be the lowest level since November 26 last year. Middle distillates — such as gasoil, diesel, marine gasoil, jet fuel and kerosene — rose 7 per cent to 2.132 million barrels.
Light distillates covered in the report are gasoline, naphtha and condensates that are stored in white product tanks and have an API of 45 degrees and above. Heavy products are fuel oils used for marine bunkers and power generation.
S&P Global Platts is the official publisher of the oil product data. Fujairah has the Middle East’s largest commercial storage capacity for refined products.