Inventories of oil products at Fujairah on the UAE’s east coast rebounded from a nine-month low to snap the longest slump on record, according to data released Oct. 21 by the Fujairah Oil Industry Zone.
Stockpiles in Fujairah as of Oct. 19 stood at 20.339 million barrels, up 3.3% from a week earlier and the first increase in eight weeks. The prior seven-week slump that took inventories to the lowest since Dec. 31, 2019, was the longest since S&P Global Platts began collecting the data in January 2017.
Heavy distillates, such as marine bunkers and fuel for power generation, expanded 16% in the latest week to 10.361 million barrels — the biggest weekly advance since Feb. 24. Middle distillates like jet fuel and gasoil declined 11% at 3.933 million barrels while light distillates such as gasoline and naphtha dropped 4% at 6.045 million barrels — the lowest since April 20.
Fujairah’s exports of heavy distillates totaled 788,000 barrels in the week started Oct. 12, the lowest since Aug. 17, according to data analytics firm Kpler. Meanwhile, a single cargo of 515,000 barrels of naphtha was headed for South Korea — a weekly record. And about 503,000 barrels of gasoline was destined for Pakistan, the first such shipment since Aug. 31. A single cargo of 353,000 barrels of gasoil was also destined for Tanzania, the biggest weekly advance since Nov. 25, the Kpler data showed.