A 19 percent spurt in heavy residue inventories led to a small build in overall refined product stocks at the Middle Eastern hub of Fujairah over the past week, according to data exclusively obtained by S&P Global Platts from the Port of Fujairah
FUJAIRAH, (Pakistan Point News - 28th Feb, 2019) A 19 percent spurt in heavy residue inventories led to a small build in overall refined product stocks at the middle Eastern hub of Fujairah over the past week, according to data exclusively obtained by S&P Global Platts from the Port of Fujairah.
Total inventories rose 0.2 percent to 22.06 million barrels in the week to Monday, the second consecutive increase and the highest since 4th February. Heavy residues jumped to 9.792 million barrels, the most since 6th August, 2018. The category includes fuel oil.
Middle distillate inventories slumped 24 percent to 1.812 million barrels, the lowest since January 28, and light distillates declined 8.2 percent to 10.456 million barrels, the lowest since 21st January. Middle distillates include gasoil and jet-kerosene while the light products include gasoline and naphtha.
Spot buying in the East of Suez gasoline market was seen over the past week from Kuwait, India, Pakistan and Indonesia and supply is expected to tighten as more refineries close for maintenance in March and April, according to a S&P Global Platts report.
Ahead of the International Maritime Organization's lower sulphur limit for marine fuels in 2020, new 0.5 percent sulphur bunker fuels will be available from the Port of Fujairah this month, the Platts report said, citing the port. Fujairah Refining has started producing the fuel, according to the report. Global commodity traders Vitol acquired a majority stake in Fujairah Refining in 2007.
S&P Global Platts holds exclusive rights to publish Fujairah oil inventory data, and has deployed a blockchain network for its collation.
