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Fujairah Stocks Fall as Loadings Resume

OIL

Oil products stocks at Fujairah fell slightly in the week of Aug. 15, as crude oil and condensate exports resume following heavy rain a flooding towards the end of July.

  • A VLCC left on Aug 16 was the first tanker to arrive at Fujairah since the suspension to loadings last month.
  • Total oil product inventories fell 1.4% to 23.77mbbls, according to S&P Global Commodity Insights data from the Fujairah Oil Industry Zone.
  • Stocks had soared to a 20-month high in the week to Aug. 8 as supply disruptions at the port continued into August.
  • The drop in oil stocks was driven by a 19.5% fall in middle distillates, including diesel and jet fuel, to 2.928mbbls.
  • During the loading suspension Murban crude exports were diverted to the Jebel Dhanna terminals.

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