Fujairah oil product stockpiles hit new record

  • by WAM

FUJAIRAH, 1st May, 2019 (WAM / S & P Platts) -- Oil product inventories in the Fujairah trading hub rose 2 percent week on week to a record 25.749 million barrels Monday, led by an 11 percent jump in gasoline and other light distillates, data released Wednesday by the Fujairah Oil Industry Zone FOIZ, showed.

Light products inventories jumped to 11.975 million barrels, the highest since 28th January this year, and exceeding the total for marine fuel and other heavy residues for the first time since 1st April, the data showed.

Heavy residues stockpiles dropped 5.2 percent to 11.782 million barrels, while middle distillates inventories declined 1 per cent to 1.992 million barrels.

Total Fujairah stockpiles were up 48 per cent from the end of 2018, led by an 89 per cent climb in heavy distillates and residues. Middle distillates were up 35 percent and light distillates up 24 percent.

Light distillates include gasoline , naphtha and condensates that are stored in white product tanks and have an API of 45 degrees and above. Middle distillates include gasoil, diesel, marine bunker gasoil, jet fuel and kerosene. Heavy products are fuel oils used for marine bunkers and power generation.

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Fujairah oil product stockpiles hit new record