FUJAIRAH DATA: Oil products inventories slump to 11-week low

Stockpiles of oil products at the UAE's Port of Fujairah fell 10% in the week to Dec. 11 to the lowest in 11 weeks, according to data from the Fujairah Oil Industry Zone.

The total dropped to 16.771 million barrels as of Dec. 11, the lowest since Sept. 25, the FOIZ data published Dec. 13 showed. The total stockpile is down 19% so far in 2023 after climbing 29% last year.

All products categories showed declines for the week: light distillates such as gasoline and naphtha fell 10% to 4.298 million barrels, a six-week low, and middle distillates such as jet fuel and diesel decreased 4.9% to 3.039 million barrels, the first drop in five weeks from a four-month high a week earlier. Heavy distillates used as fuel for power generation and for shipping dropped 12% to 9.434 million barrels, a seven-week low.

Oil products exports, except fuel oil, from Fujairah have picked up this month at 344,000 b/d in December so far, higher than 311,000 b/d in all of November, according to S&P Global Commodities at Sea. Qatar is set to get some 25,000 b/d of jet fuel this month, the most since October 2017 and up from 10,000 b/d in all of November, the data showed. Fuel oil exports are averaging 119,000 b/d this month, down from 288,000 b/d in November.

Heavy distillates stockpiles are now down 19% so far in 2023, light distillates have dropped 42% while middle distillates have fallen 1.6% over the same period.