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OIL PRODUCTS
Oil product stockpiles at the UAE’s Fujairah climbed for the third successive week to hit an eight-month hight, according to Platts citing data from the Fujairah Oil Industry Zone.
- Total inventories were up 7.2% to 22.03m bbl in the week to April 15, the highest since June 5. Stockpiles are up 23% in 2024.
- Heavy distillate stockpiles were up to 10.661m bbl, the highest since Dec. 18. Fuel oil imports were 3.17m bbl.
- Kuwait supplied a record of 1.65m bbl of fuel oil to Fujairah last week, all originating from the 615k b/d Al-Zour refinery. The refinery hit max capacity for the first time in December.
- Middle distillate inventories including diesel and jet fuel fell 4.4% on the week to 3.842m bbl, a two-week low. Diesel shipments to Fujairah from Kuwait’s Al-Zoure began in March.
- Stocks of light distillate such as gasoline and naphtha were down 3.6% to 7.53m bbl.
Source: S&P Global Commodity Insights
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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