FUJAIRAH DATA: Oil product stockpiles drop for first time in four weeks

Oil product stockpiles at Fujairah in the UAE experienced their first decline in four weeks, according to data from the Fujairah Oil Industry Zone published on November 11. The total inventory dropped to 10.222 million barrels, marking a 10% decrease from the previous week. Heavy distillates, primarily used as ship fuel and for power generation, saw a significant 25% decline, leading the overall drop.

The stocks of heavy distillates fell to 4.429 million barrels, the first decrease in four weeks. Light distillates, such as gasoline and naphtha, also experienced a decline of 17% to 2.756 million barrels, marking the first drop in five weeks. Meanwhile, stocks of middle distillates, including jet fuel and diesel, increased by 35% to 3.037 million barrels, reaching their highest level since February 9.

Platts, a part of S&P Global Energy, assessed the price of 0.5% sulfur marine fuel delivered to Fujairah at $803 per metric ton on November 10, a 8.2% decrease from the previous day and the lowest since August 28. Similarly, Platts assessed the price of 380 CST high sulfur fuel oil delivered to Fujairah at $530 per metric ton on November 10, a 13% decrease from November 9 and the lowest since July 13.