Fujairah oil stocks dip by 2 percent

  • by WAM

FUJAIRAH, 18th April, 2019 -- Oil products stocks at the Port of Fujairah were down 2.2 percent in the week to Monday, following a drawdown in middle distillates stocks of 7.9 percent week-on-week, according to inventory data exclusively obtained by S&P Global Platts yesterday.

Total stock levels were 24.5 million barrels, compared with 25 million barrels the previous week.

Middle distillates stockpiled held below 2 million barrels for the first time since 4th March.

"There was a slight buoying of sentiment as gasoil supplies were seen tightening due to the impending heavy turnaround season in the second quarter across Asian refiners," according to S&P Global Platts Analytics.

Meanwhile, light distillates and heavy residues stocks were also down on the week, dropping by 0.3 percent and 2.9 percent, respectively. A persistent tightness in the Asian gasoline market is helping to support prices and Chinese exports are expected to drop in April, Platts Analytics said, quoting a market source.

Heavy residues saw the greatest volume of product dropping week on week, with a fall of 346,000 barrels compared with the previous week. Delivered bunkers of 380 CST Fujairah are higher than Singapore, which is dampening support for heavy distillates out of Fujairah.

Platts is the official publisher of the oil stocks data, and has deployed a blockchain network for its collation.

Fujairah oil stocks dip by 2 percent