Fujairah oil product stocks up 8.1 per cent to seven-week high

Wed 12-09-2018 18:05 PM

FUJAIRAH, 12th September, 2018 (WAM / S & P Platts) — Oil product stocks in the Middle Eastern hub of Fujairah rose to 18.906 million barrels in the week to Monday, up by 1.422 million barrels from the previous week, according to the Fujairah Energy Data Committee.

The biggest increase came from light distillate stocks, which jumped by 13.4 per cent to hit 6.675 million barrels.

“Multiple fixtures to move gasoline from the Amsterdam-Rotterdam-Antwerp region to fill shorts in the Arab Gulf have emerged recently,” S&P Global Platts Analytics said in a report Wednesday.

The report said global gasoline balances could tighten further on potential supply disruption resulting from Hurricane Florence, expected to make landfall in the southeast United States this week.

Middle distillate stocks advanced by 2.1 per cent to 4.175 million barrels, the highest level since July 2017. Traders described Middle Eastern gasoil fundamentals as steady.

“I wouldn’t say that there’s no [gasoil] tightness … but we did see some cargoes floating around, so I think it’s more or less balanced overall,” Platts Analytics quoted a trader as saying Friday.

Stocks of heavy distillates and residues climbed by 7.3 per cent to 8.056 million barrels. The passing of the Middle East peak summer power demand may increase fuel oil availability and ease current tightness, Platts Analytics said.

Platts holds exclusive rights to publish Fujairah oil inventory data, and has deployed a blockchain network for its collation.


WAM/Tariq alfaham

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