Fujairah oil products stocks rise nearly 5%
Oil products stocks at the port of Fujairah rose by 4.5 percent on the week, driven by a 17.8 percent increase in light-ends stocks.
FUJAIRAH, (Pakistan Point News - 08th Nov, 2018) Oil products stocks at the port of Fujairah rose by 4.5 percent on the week, driven by a 17.8 percent increase in light-ends stocks.
Light ends rose to 10.84 million barrels, up from 9.203 million barrels the previous week. The stock level marks a record high for the third consecutive week, occurring in tandem with weaker global demand for gasoline. There have been large shipments of the product and other light ends to Fujairah in recent weeks, according to S&P Global Platts Analytics.
Middle and heavy residue stocks dropped by 7.
7 percent and 5.2 percent respectively. Distillates fell to a five-week low at 4.058 million barrels.
Europe has become a more favourable market for gasoil than Asia in recent weeks, despite unfavorable arbitrage economics across the two regions for the best part of this year, according to Platts Analytics.
Supply is tight for fuel oil on a global level, and current Fujairah stocks for residues are 23 percent lower than a year ago.
Platts holds exclusive rights to publish Fujairah oil inventory data and has deployed a blockchain network for its collation.