FUJAIRAH DATA: Oil product stocks drop to month low as exports almost double

Stockpiles of oil products at the UAE's Port of Fujairah declined 5.9% in the week ended Aug. 5 to a one-month low as exports in the final week of July almost doubled, according to Fujairah Oil Industry Zone and ship-tracking data.

The total fell to 16.737 million barrels, the lowest since July 1, FOIZ data published Aug. 7 showed. Stockpiles have dropped 3.5% since the end of 2023.

Product exports in the week started July 29 jumped to 5.98 million barrels from 3.37 million barrels a week earlier, according to Kpler data. Saudi Arabia was set to receive 607,000 barrels of gasoline during the week, the most since January, the data showed. Product shipments destined for Singapore were set to rise to 1 million barrels from 312,000 barrels over the same period while Pakistan, South Korea, Taiwan and Mauritius were also set to get more supplies.

Among the individual product categories, stockpiles of middle distillates such as jet fuel and diesel fell 12% in the latest week to 1.644 million barrels, the lowest since March 11. Light distillates such as gasoline dropped 7% to 5.777 million barrels over the same period while heavy distillates used for power generation and ship fuel declined 4% to 9.316 million barrels, a one-month low, according to the FOIZ data.

So far since the end of 2023, stocks of light distillates have climbed 23%, heavy distillates have dropped 8.1% and middle distillates have declined 34%.