FUJAIRAH DATA: Oil product stocks drop for first time in three weeks

Stockpiles of oil products at the UAE's Port of Fujairah dropped 5.3% in the week ended Nov. 13, the first drop in three weeks, according to data from the Fujairah Oil Industry Zone.

The total fell to 16.919 million barrels as of Nov. 13, the FOIZ data published Nov. 15 showed. The total stockpile is now down 18% since the end of 2022.

Heavy distillates used as fuel for power generation and for shipping were the only category to drop, falling 18% for the week to 9.456 million barrels, a three-week low. Light distillates such as gasoline and naphtha rose 20% to 5.396 million barrels, a three-week high, while middle distillates such as jet fuel and diesel increased 16% to 2.067 million barrels, also a three-week high.

Fuel oil exports from Fujairah surged to 4.18 million barrels in the week started Nov. 6, up from 1.29 million barrels a week earlier, according to Kpler data. Light distillate shipments rose to 1.34 million barrels from 830,000 barrels a week earlier, while exports of middle distillates declined to 310,000 barrels from 840,000 barrels.

Heavy distillates stockpiles are down 6.5% so far in 2023, light distillates have dropped 28% while middle distillates have declined 33% over the same period.