Oil products inventories at the UAE’s Port of Fujairah rose 17% in the week ended Jan. 27, with gains registered across fuel oils, jet fuel, diesel, gasoline, and naphtha, according to Fujairah Oil Industry Zone data published Jan. 29.
The total increased to 18.858 million barrels, the highest in six months, according to FOIZ data.
Light distillates including gasoline and naphtha gained 18% to 7.458 million barrels, an eight-month high. Heavy distillates used as fuel for power generation and as ship fuel rose 19% to 8.669 million barrels, a three-week high. Middle distillates such as jet fuel and diesel climbed 8.3% to 2.731 million barrels, a two-week high.
All product categories declined in the previous week.
Refined oil products imports from India to Fujairah have picked up to a record pace this month, averaging 174,000 b/d compared with 114,000 b/d in December, according to Kpler data. Gasoline dominates the shipments from India, at 122,000 b/d with diesel making up the rest.
Total product exports from Fujairah have declined to 428,000 b/d so far in January, the lowest since February, the data showed. Asia dominates the destination countries, at 316,000 b/d in January compared with Africa at 72,700 b/d and unknown for the rest.
In shipping, Platts-assessed high sulfur fuel oil in Fujairah slipped to $478/mt on Jan. 27 from $487/mt a week earlier while low sulfur fuel oil dropped to $573/mt from $593/mt over the same period, according to data from S&P Global Commodity Insights.
Source: Platts
