Light distillate slump leads decline in Fujairah product stocks

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FUJAIRAH

Refined product stocks at the Middle Eastern hub of Fujairah slipped by 6.5% in the week to Monday, led by a drop in light distillates, according to data released Wednesday by the Fujairah Oil Industry Zone, FOIZ.

Total stocks fell by 6.5% to 20.017 million barrels. Light distillates, including gasoline, sank by 22% to 7.064 million barrels.

Inventories of middle distillates, such as gasoil, diesel, marine gasoil, jet fuel and kerosene, slipped by 5% to 2.026 million barrels.

Meanwhile heavy distillate and residue stocks bucked the trend, gaining 7% to 10.927 million barrels.

S&P Global Platts is the official publisher of the oil product data. Fujairah has the Middle East’s largest commercial storage capacity for refined products.

 

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