FUJAIRAH, (Pakistan Point News - 09th Sep, 2020) Stockpiles of oil products at the UAE’s East Coast Port of Fujairah declined this week to a four-month low, led by the biggest drop in gasoline and other light distillates this year.
Inventories stood at 23.316 million barrels on 7th September, down 7.2 percent from a week earlier and the biggest drop since 24th March, according to data from the Fujairah Oil Industry Zone, FOIZ, today. The total was the lowest since 20th April. Light distillates tumbled 18 percent, the biggest drop since 31st December, 2019, to 6.169 million barrels, also the lowest since 20th April.
Light distillates stockpiles have been falling at Fujairah, along with Singapore, where commercial onshore light distillate stocks plunged to a 6-month low of 13.643 million barrels as of 26th August, according to Enterprise Singapore data.
In August, Fujairah exported 6.17 million barrels of gasoline, the most for that month in at least three years and the third-highest ever, Kpler data revealed, adding that Singapore was the biggest gasoline buyer for the month at 1.14 million barrels, with other major shipments to Pakistan, Iraq, Tanzania and Saudi Arabia.
Recent tenders show no letup in the Fujairah exports. Pakistan, a key buyer of gasoline from Fujairah, bought 4,000 mt of gasoline for delivery over the period 17th-22nd September and another 54,000 mt for delivery over 1st-5th October, S&P Global Platts previously reported.
Middle distillates inventories fell 10 per cent on the week to 3.805 million barrels, a three-week low, while heavy distillates increased 0.2 per cent to 13.342 million barrels.
The Fujairah inventory data has been provided exclusively to Platts since January 2017.
