FUJAIRAH DATA: Oil product stocks jump to six-week high

Stockpiles of oil products at the UAE's Port of Fujairah jumped 12% in the week ended Nov. 20 to a six-week high, according to data from the Fujairah Oil Industry Zone.

The total rose to 18.867 million barrels as of Nov. 20, the FOIZ data published Nov. 22 showed. The total stockpile is now down 8.7% since the end of 2022.

All product categories showed gains for the week, with heavy distillates used as fuel for power generation and for shipping climbing 19% to 11.222 million barrels, a two-week high. Light distillates such as gasoline and naphtha rose 1.6% to 5.48 million barrels, a four-week high, while middle distillates such as jet fuel and diesel increased 4.7% to 2.165 million barrels, a six-week high.

Fuel oil exports from Fujairah fell to 291,000 barrels in the week started Nov. 13, with all of it to South Africa and down from 373,000 barrels a week earlier, according to S&P Global Commodities at Sea data. Light distillate and middle distillate shipments soared to 702,000 barrels from 440,000 barrels a week earlier.

Heavy distillates stockpiles are now up 11% so far in 2023, light distillates have dropped 27% while middle distillates have declined 30% over the same period.