Oil products stocks continued to decline in the UAE’s oil hub of Fujairah, an industry survey showed. Inventories fell 2.7% week-on-week to 25.01 million barrels as of August 3, the lowest since April 27. Products stockpiles have declined by 19% from a record high of 30.71 million barrels on June 1.
Middle distillates stocks stood at 3.552 million barrels last week, the lowest since April 19 and falling 19% from the prior week. The recent increase in demand, notably in India, has tightened gasoil supply. Other middle distillates are diesel, jet fuel, kerosene, and marine bunker gasoil.
Light distillates inventories rose 8% week-on-week to a two-week high of 7.283 million barrels. Light distillates include gasoline, reformate, alkylate, naphtha, as well as other light petrochemical feedstocks and condensates. Meanwhile, heavy distillates and residues stocks fell 3% to a two-week low of 14.175 million barrels. This category covers fuel used for power generation and marine bunkers.
