FUJAIRAH DATA: Oil product stockpiles little changed as middle distillates exports pick up

Oil product inventories at the UAE's Port of Fujairah were little changed in the week ended June 27 after declines in middle and light distillates were offset by gains in heavy distillates and residues, according to Fujairah Oil Industry Zone data shared exclusively with S&P Global Commodity Insights on June 29.

Total stockpiles stood at 19.373 million barrels as of June 27, down 0.5% from a week earlier, according to the data provided to S&P Global since January 2017. Middle distillates slumped 17% to 2.889 million barrels, the first drop in three weeks.

Middle distillates exports from Fujairah picked up to an average of 616,000 barrels in the week started June 20 compared with 90,900 barrels the week before, according to Kpler data. Egypt was set to get 382,000 barrels of gasoil in the most recent week, the highest since January 2021, while 234,000 barrels of gasoil/diesel were destined for Namibia, the first such shipment to that country from Fujairah on record, according to Kpler. Demand is recovering across the region, keeping supply limited even as refineries are producing as much gasoil as possible, according to a S&P Global report.

Gasoline, naphtha and other light distillates stood at 5.437 million barrels as of June 27, down 6.4% from a week earlier and the third consecutive weekly decline to a seven-week low. Heavy distillates and residues used for shipping and power generation climbed 8.3% over the week ended June 27 to 11.047 million barrels, a second consecutive weekly gain to a seven-week high. Uniper Energy DMCC, operator of one of three refineries in Fujairah, had maintenance at one of its two crude processing units from about May 28 to June 11, according to the company. Residues stocks plunged 22% in the week ended June 13, according to the Fujairah data. Fujairah-delivered marine fuel 0.5%S bunker was assessed at $1,130/mt on June 28, up $15/mt on the day, according to data from S&P Global. The price in Fujairah represents a $25/mt premium to delivered bunkers in Singapore which were assessed at $1,105/mt on June 28.

Total inventories have dropped 14.38% since this time last year, led by a 32.11% decline in middle distillates. Light distillates are up 0.18% over the same period while heavy distillates are down 14.65%.