FUJAIRAH DATA: Oil product stocks jump 59% to five‑month high

Oil product stocks in Fujairah, UAE, surged 59% to a five-month high during the week ending September 21, according to data released on September 23 by the Fujairah Oil Industry Zone. The total inventory reached 10.296 million barrels, the highest since April 6. The dramatic 59% increase surpassed the previous record weekly rise of 55% just two weeks earlier.

Stocks of heavy distillates, crucial for power generation and ship fuel, climbed 97% to 5.6 million barrels, marking a two-week high. Middle distillates, including jet fuel and diesel, increased by 23% to 2.603 million barrels, the highest level in six months. Light distillate stocks, encompassing gasoline and naphtha, rose 39% to 2.093 million barrels, a three-month peak.

The premium on Fujairah-delivered marine fuel stood at 0.5%, with a 16% increase week-over-week to $186.35 per metric ton as of September 22, due to limited supplies and expected replenishment cargoes not arriving until October, a Middle East trader informed Platts. High sulfur fuel oil supplies saw an uptick following deliveries in the past week, the trader added.

Conversely, the premium for Fujairah-delivered 380 CST high sulfur fuel oil against the 380 CST 3.5% FOB Arab Gulf fuel oil cargo assessments declined 0.8% to $165.37 per metric ton over the same period. The data is sourced from Platts, part of S&P Global Energy, since 2017.