Fujairah’s refined oil product stockpiles saw an eight-week high with a 10% jump to 21.253 million barrels in the week to Aug 12, Fujairah Oil Industry Zone (FOIZ) said in a data report that it released today.
S&P Global Platts, which is the official publisher of the data, recorded that there was lacklustre demand in the region due to Eid holidays but “Cargoes are still flowing to Singapore and demand is still weak.”
Middle distillates, which includes gasoil, diesel, marine gasoil, jet fuel and kerosene, saw the biggest increase, rising to 35% (2.86 million barrels) However, another Platts report predicts a reduction in demand for jet fuel with peak summer travel season ending soon.
Heavy distillate and residue stocks rose 13% to 10.739 million barrels. This is highest they have recorded since June 24. Meanwhile, light distillates fell to 0.5% during the period to 7.654 million barrels. The report covers light distillates that include gasoline, naphtha and condensates that are stored in white product tanks and have an API of 45 degrees and above.