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Fujairah oil products stockpiles climb to six-week high

Fujairah ; Oil products stockpiles at the Port of Fujairah

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Fujairah- Oil products stockpiles at the Port of Fujairah, the most important bunkering hub in the Middle East, jumped to a six-week high even as fuels for power generation and marine bunkers tumbled to the lowest in almost two years, as fuel oil shipments to South Korea resumed.

Total inventories as of 16th November stood at 20.436 million barrels, up 3.9 per cent from a week earlier and the most since 5th October, according to data released on today by the Fujairah Oil Industry Zone, FOIZ.

Light distillates such as gasoline and naphtha surged 17 per cent to 6.307 million barrels, the highest since 28th September and middle distillates such as jet fuel and diesel expanded 11 per cent to 5.963 million barrels, close to the record high of 5.997 million barrels on 1st June.

Heavy distillates, covering fuels for power generation and marine bunkers, dropped to 8.166 million barrels as of 16th November, down 8.7 per cent from a week earlier and the lowest since 11th February 2019, according to the data provided exclusively to S&P Global Platts. Stockpiles of heavy distillates have plunged 52 per cent from the record 17.168 million barrels on 8th June.

Some 623,000 barrels of fuel oil from Fujairah was destined for South Korea in the week started 9th November, the first shipment to that country since 5th October, according to data analytics company Kpler. Kenya also took a shipment for the second week in a row.

Two more loadings for a total of 1.221 million barrels were made for the week, with one of the shipments heading to Singapore, possibly as a waypoint, and the other likely bound for South Korea, according to Kpler.-WAM

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