Refined oil product stocks at the UAE’s oil trading and bunkering hub of Fujairah dropped 1.7% week-on-week to 26.886 million barrels on July 13, marking for a third consecutive week of declines. The decline was attributed to a 13% decrease in inventories of gasoline and other light distillates.
The Fujairah Oil Industry Zone (FOIZ) reported light distillate stocks fell to 6.267 million barrels, the lowest since April 20. Middle Eastern naphtha and gasoline cargoes have been moving to Singapore. Hence, commercial onshore light distillate inventories in the city-state increased to a 17-month high on July 8.
Singapore’s imports of Middle Eastern naphtha, reformate, and other blendstocks also surged on July 2-8. Data from Enterprise Singapore showed these imports included 186,928 tons from Kuwait, 52,480 tons from the UAE, and 36,711 tons from Qatar.
Meanwhile, middle distillate stockpiles in Fujairah, including jet fuel, gasoil, diesel, marine bunker gasoil, and kerosene climbed 12% week-on-week to 4.314 million barrels on July 7-13, marking the first increase in four weeks. Inventories of heavy distillates and residues were steady at 16.305 million barrels.