FUJAIRAH DATA: Oil product stocks fall for second week after 26% drop in middle distillates

Oil product inventories at the UAE's Port of Fujairah dropped for a second consecutive week in the seven days ended July 18, led by a 26% decline in jet fuel and other middle distillates stocks, according to Fujairah Oil Industry Zone, or FOIZ, data provided exclusively to S&P Global Commodity Insights.

Total stockpiles stood at 21.876 million barrels as of July 18, down 0.8% from a week ago after hitting a one-year high July 4, according to the FOIZ data provided July 20. Middle distillates inventories dropped to a five-week low of 2.734 million barrels, while heavy distillates used for power generation and shipping rose 3.4% to a two-week high of 12.553 million barrels.

Gasoline and other light distillates stocks stood at 6.589 million barrels as of July 18, up 5.9% from a week ago and at the highest level since June 13 following a third straight weekly advance. QatarEnergy offered 25,000 mt of 95 RON gasoline for loading over Aug. 8-9 from its Mesaieed port in a tender that closed July 19, S&P Global reported earlier.

In a sign that more gasoline supplies may be needed, some 93,800 barrels of gasoline were headed for Pakistan from Fujairah in the week started July 11, the first such shipment to the country since Jan. 24, according to Kpler data. Pakistan was the biggest destination for gasoline outflows from Fujairah in 2021, Kpler data showed.

The total inventories were just 1.1% higher than this time in 2021. Residues led the way, rising 7.2% since July 2021, while middle distillates were 26.6% lower and light distillates 6.2% higher.