FUJAIRAH DATA: Oil product stocks fall 20% after record gain
Oil product inventories at Fujairah in the UAE fell 20% in the week ended Sept. 28, following a record 59% gain in the previous week, according to Fujairah Oil Industry Zone data published Sept. 30. Total inventory fell to 8.216 million barrels from a five-month high reached a week earlier, according to the data. Stocks ...
Oil product inventories in Fujairah, UAE experienced a significant drop of 20% in the week ending September 28, following a record 59% increase in the previous week, according to data from the Fujairah Oil Industry Zone published on September 30. The total inventory decreased to 8.216 million barrels from a five-month high reached a week earlier.
Stocks of heavy distillates, used for ship fuel and power generation, plummeted by 30% to 3.910 million barrels in the week ending September 28, after nearly doubling in the week ending September 21. Middle distillate stocks, including jet fuel and diesel, rose by 3.3% to 2.690 million barrels, marking the highest level since February 23.
However, light distillate stocks, such as gasoline and naphtha, fell by 23% to a two-week low of 1.616 million barrels. The price of Platts-assessed marine fuel with 0.5% sulfur delivered to Fujairah decreased by 2.1% on a day-over-day basis to $950/metric ton on September 29, continuing its decline since September 16 when the price was $1,030/metric ton.
Platts, a part of S&P Global Energy, reported that Platts-assessed bunker fuel oil 380 CST dropped by 4.3% day-over-day to $665/mt on September 29.
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