FUJAIRAH, (Pakistan Point News - 24th Oct, 2019) Oil product stocks at the port of Fujairah fell three percent week on week, led by a 4.7 percent reduction in stocks of light distillates, according to data released Wednesday by the Fujairah Oil Industry Zone, FOIZ.
Total stocks dropped by 689,000 barrels to 22.017 million barrels, and light distillates comprised nearly half of that, falling 337,000 barrels week on week to 6.769 million barrels. There was solid demand in the gasoline market, supported by stronger crack spreads, according S&P Global Platts Analytics.
Middle distillates stocks fell 3.9 percent or 111,000 barrels week on week to 2.718 million barrels. Gasoil flows into Singapore from India, North Asia and the Gulf were stronger, Platts Analytics said.
Heavy distillate stocks fell 1.9 percent or 241,000 barrels week on week to 12.530 million barrels. The Fujairah Oil Tanker Terminals loaded its first 0.5 percent maximum sulphur marine fuel last week. New marine regulations from the International Maritime Organisation will come into effect on 1st January, which will cap marine fuel sulfur content at 0.5 percent, down from a current rate of 3.5 percent.
Platts is the official publisher of the oil product data. Fujairah has the middle East's largest commercial storage capacity for refined products.
