Since early June, oil product stocks have risen to their highest in storage at Fujairah. Supplies into the eastern UAE port driven by preparations for new sulfur regulations on marine fuels and a surge in regional demand.
With the greatest build seen in light distillates, stocks rose almost 11 percent last week to stand at 22.706 million barrels.
Light distillate inventories rose 25 percent in the week to a total of 7.106 million barrels. The East of Suez gasoline market has seen an uptick in crack spreads due to stronger demand.
In middle distillates, stocks built by 27 percent to stand at 2.829 million barrels. The price of middle distillates which is higher in recent weeks led by supply concerns and a rise in demand.
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