FUJAIRAH DATA: Oil product stocks rise record 56% in one week

Oil product inventories at Fujairah in the United Arab Emirates surged by 56% in the week leading up to September 7, marking the largest single-week increase ever recorded, according to data released by the Fujairah Oil Industry Zone on September 9 and analyzed by Platts, a division of S&P Global Energy. The total inventory climbed to 9.982 million barrels, representing an eight-week peak, as per the data.

The primary suppliers to Fujairah during this period were Saudi Arabia and Oman, with clean products and diesel being the leading commodities, according to S&P Global Commodities at Sea.

Heavy distillates, utilized for power generation and as ship fuel, experienced an unprecedented 80% rise, further bolstering the inventory to 5.633 million barrels, which set a record for the seventh consecutive week. Middle distillate stocks, including jet fuel and diesel, expanded by 31% to 2.286 million barrels, marking the highest level since March 9.

Light distillate stocks, comprising gasoline and naphtha, also saw a significant 33% increase, reaching 2.063 million barrels, the highest since June 1, based on the data.

The Platts-estimated marine fuel oil with 0.5% sulfur delivered to Fujairah saw a 3.6% day-over-day price hike to $870 per metric ton on September 8, the highest mark since June 29. Similarly, the Platts-estimated high sulfur fuel oil delivered to Fujairah rose 3.4% over the same period to $662 per metric ton, the highest since June 2, according to the Platts assessment.