Fujairah oil products stocks drop to 2021 low

Oil products stockpiles at the Port of Fujairah dropped to the lowest level of 2021, with exports of fuel oil setting a record high.

Total inventory was 20.854 million barrels on February 15, down 1.6 percent from a week earlier and the lowest since November 30, according to Fujairah Oil Industry Zone, or FOIZ, data released February 17 exclusively to S&P Global Platts.

Heavy distillates, including marine bunkers and fuel oil, dropped 3 percent over the same period to 9.487 million barrels, also the lowest since November 30th.

Fuel oil exports for the week started February 8, 2021 were 440,000 b/d, setting a record 447,000 b/d for the four-week moving average, according to data intelligence firm Kpler. Shipments for the most recent week were heading for Singapore, Sri Lanka, Kenya, Mauritius and Sudan.

Middle distillates stocks stood at 4.166 million barrels as of February 15, a four-week low and down 5 per cent from a week earlier. The category includes gasoil, diesel and jet fuel.

Light distillates, including gasoline and naphtha stocks, rose to 7.201 million barrels as of February 15th, up 3 percent from a week earlier and the highest in two weeks.

All 11 commercial terminal operators at Fujairah participate in the weekly inventory report, according to FOIZ. The storage volumes include activities such as blending and refining. FOIZ has provided the inventory data to Platts since January 2017. — Wam