12 Oct 2022 | 07:00 UTC
FUJAIRAH DATA: Oil product stocks at fresh 25-month high led by heavy distillates
Highlights
Total inventory up 49.1% in past year
Middle distillates at three-week low
Light distillates fall for first time in three weeks
Oil product stockpiles at the UAE's Port of Fujairah rose 0.2% in the week ended Oct. 10, extending gains to a 25-month high, led by an expanding inventory of fuel oils used in power generation and marine bunkers, according to Fujairah Oil Industry Zone data published Oct. 12.
The total stocks were 24.92 million barrels on Oct. 10, remaining at the highest since August 2020 first reached a week earlier, according to the data provided exclusively to S&P Global Commodity Insights. Heavy distillates products, which cover the fuel oils, climbed to 13.402 million barrels as of Oct. 10, up 6% from a week earlier and the highest since June 2021.
Middle distillates, including jet fuel and gasoil, dropped 10% over the week to 3.964 million barrels, a three-week low and light distillates such as gasoline and naphtha declined 3.2% to 7.554 million barrels, the first drop in three weeks.
Heavy distillates stocks have climbed 63.92% in the past year, leading gains in overall stockpiles which are up 49.1% since this time last year. Light distillates are up 61.34% and middle distillates have risen 2.8% over the same period.