Wed 03-10-2018 16:14 PM
FUJAIRAH, 3rd October, 2018 (WAM/S&P Platts) — Oil product stocks in the Middle Eastern hub of Fujairah surged 17 percent on the week to 19.272 million barrels in the week to Monday, according to the Fujairah Energy Data Committee.
The biggest rise was in light distillate stocks, which rose 26.1 percent to a three-month high of 7.432 million barrels.
“Steady demand in the Middle East is pulling in increasing volumes of gasoline from the Mediterranean, which is now long on supply after a tight summer,” S&P Global Platts Analytics said in a report Wednesday.
Middle distillate stocks slipped 2.9 percent to 3.868 million barrels, falling for the second week.
“Sentiment in the middle distillates market is diverging, with robust gasoil set against weakness in jet fuel,” Platts Analytics said.
Shipments of jet fuel from India and the Middle East to the West of Suez have been limited, while North Asia was over-supplied and weaker currencies in some Asian markets may limit demand there, the report said.
Inventory of heavy distillates and residues jumped 21 percent on the week to 7.972 million barrels.
The jump in crude prices over the past week has stymied bunker demand at Fujairah, although the Middle Eastern hub is still benefiting from marine fuel demand displaced from Singapore by concerns over contamination there, the report said.
Platts holds exclusive rights to publish Fujairah oil inventory data, and has deployed a blockchain network for its collation.