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Thursday, February 29, 2024

Oil products stocks jump to record on gains in all categories

(Fujairah) – Inventories of oil products at the bunker trading hub of Fujairah in the UAE climbed to a record this week after gains in light, middle and heavy distillates, according to data provided exclusively to S&P Global Platts.

Inventories rose 13 per cent week on week to 25.98 million barrels as of Monday, beating the previous all-time high of 25.749 million on April 29, 2019, data Wednesday from the Fujairah Oil Industry Zone showed. Stock reporting in Fujairah began at the start of 2017.

Heavy distillates and residue inventories climbed 17 per cent to 15.167 million barrels, the highest since November 25. The category includes fuel oil and other heavy fuels used in marine bunkers and power generation.

Stockpiles of middle distillates, such as gasoil, diesel, marine gasoil, jet fuel and kerosene, jumped 28 per cent to 3.402 million barrels, a three-week high, while light distillates edged up 1 per cent to 7.411 million barrels.

Light distillates covered in the report are gasoline, naphtha and condensates that are stored in white product tanks and have an API of 45 degrees and above.

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