FUJAIRAH DATA: Oil product stocks decline for third consecutive week

Oil product inventories at Fujairah in the UAE experienced a significant decline for the third consecutive week, according to data published on October 14. The total inventory fell to a four-week low of 6.825 million barrels, marking a 34% decrease over the past three weeks. Heavy distillates, primarily used as ship fuel and for power generation, saw a 30% decline, falling to 3.291 million barrels, which was also the lowest in four weeks.

Fujairah-delivered marine fuel with a 0.5% sulfur content increased to $993 per metric ton on October 13, the highest level since September 21, marking a 2% increase from the previous day. Similarly, high-sulfur fuel priced at 380 CST rose by 0.4% to $738 per metric ton over the same period, with the HSFO price reaching its highest level since September 16, according to Platts assessments by S&P Global Energy.

In contrast, light and middle distillate stocks showed an increase over the week. Middle distillates like diesel and jet fuel surged by 21%, reaching 2.774 million barrels, the highest level since February 23 prior to the Iran war that began on February 28. Light distillates, including gasoline and naphtha used in petrochemicals, recorded a 30% increase, rebounding from a record low the previous week, as per FOIZ data compiled by S&P Global Energy since 2017.