Oil product stocks in the Middle Eastern hub of Fujairah rose 3 percent week on week to 19.859 million barrels in the week to Monday, according to the Fujairah Energy Data Committee.
FUJAIRAH, (Pakistan Point News - 10th Oct, 2018) Oil product stocks in the Middle Eastern hub of Fujairah rose 3 percent week on week to 19.859 million barrels in the week to Monday, according to the Fujairah Energy Data Committee.
The biggest rise was in middle distillate stocks, which rose 12.2 percent to 4.339 million barrels, the highest level since March 2017.
"Arbitrage to Europe remains limited due to low water levels along the Rhine, which is hampering the flow of barge supplies," S&P Global Platts Analytics said in a report Wednesday. "This is backing up volumes into the Amsterdam-Rotterdam-Antwerp area and limiting demand from the cargo market."
Demand for Middle Eastern and Indian middle distillate exports in Singapore remained high, the report added.
Light distillate stocks rose 2.1 percent on the week to 7.586 million barrels, a three-month high level.
"The Middle East continues to be well supplied by gasoline from a weak European market," Platts Analytics said in the report.
The report cited one source saying that demand for European products in the Middle East was expected to rise during the remainder of this year and the first quarter of 2019.
Stocks of heavy distillates and residue fell 0.5 percent on the week to 7.934 million barrels.
In the Fujairah bunker market "demand is seen as slower compared to last month," Platts Analytics said. The supply of cargoes into the region has increased since the first half of September, according to a Fujairah bunker trader cited in the report.
Platts holds exclusive rights to publish Fujairah oil inventory data, and has deployed a blockchain network for its collation.
