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Refined Products, Fuel Oil, Gasoline
November 06, 2024
By Thomas Washington and Yue Wang
HIGHLIGHTS
Light and residual products fall 5.4% and 5.6%, respectively
Healthy Asian buying of gasoline
Middle distillates broadly stable amid closed arbitrage window
Total oil product stocks in Fujairah fell 5.4% during the week ended Nov. 4 to 16.141 million barrels as stable to healthy demand depleted light and heavy products, according to Fujairah Oil Industry Zone data published Nov. 6.
Stocks of light distillates, including gasoline and naphtha, saw a draw of 427,000 barrels or a decline of 6.7% on the week to 5.926 million barrels. The East of Suez gasoline market was finding support driven by regional supply tightness, sources said.
Contributing to the bullish trend was Indonesia's heavy gasoline purchasing, through spot tenders for November-loading cargoes amid reduced run rates at the 260,000 b/d Balikpapan refinery and stable demand, trade sources said.
Stocks of heavy residues saw a fall of 498,000 barrels or 5.6% on the week to 8.325 million barrels.
Spot trading activity in the key bunker hub of Fujairah was largely stable over the week, as competitive selling activities capped prices, especially in the very low sulfur fuel oil market, traders said.
For VLSFO, Platts assessed the Fujairah-delivered marine fuel 0.5% sulfur bunker premium over the benchmark FOB Singapore marine fuel 0.5% sulfur cargo at an average of $9.98/mt through the week ended Nov. 1, down 3.67% on the week, Commodity Insights data showed.
For high sulfur fuel oil, the Fujairah-delivered 380 CST bunker premium over the FO 380 CST 3.5% FOB Arab Gulf cargo assessment increased 2.28% over the same period to an average of $30.48/mt, Commodity Insights data showed.
Stocks of middle distillates, including diesel and jet fuel rose marginally as they posted a build of 9,000 barrels or a rise of 0.5% on the week to 1.890 million barrels. The arbitrage window to move barrels from the Arab Gulf to the West was largely closed, leading to barrels staying in the region or moving to Asia, a trader said.
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