Fujairah Weekly Oil Inventory Data Stocks Level as of Oct. 16, 2017

Fujairah Weekly Oil Inventory Data Stocks Level as of Oct. 16, 2017

Chart Attribute: Fujairah Weekly Oil Inventory Data (as of October 16, 2017) / Source: The Gulf Intelligence

Chart Attribute: Fujairah Weekly Oil Inventory Data (as of October 16, 2017) / Source: The Gulf Intelligence

Fujairah's commercial stocks of refined oil products rose 7.9% to 17.278 million barrels in the week to Monday, having sunk to a near a nine-month low, the previous week, as a number of gasoline cargoes arrived at the port, according to data from the Fujairah Energy Data Committee (FEDCom).

The overall rise was largely due to an increase in light distillates, which rose by 25.6% week on week to 5.72 million barrels.

The gasoline market is bullish East of Suez, while a closed arbitrage to the US is likely to make more European gasoline available to the Middle East, according to Platts Analytics.

While light distillate stocks jumped, stocks of middle distillates fell back 2.5% to 2.884 million barrels and staying below 3 million barrels for a fifth week in a row. This is after rising nearly 20% last week.

The latest drop comes as Europe continued to draw in gasoil volumes from India and the Middle East on an open arbitrage. The east-west gasoil exchange of futures for swaps fell to a two-week low of minus $27.34/mt on Wednesday, mainly on a renewed tightening in the European market.

Stocks of heavy distillates and residues in Fujairah edged up 2% to 8.674 million barrels, but this is still well below the average of 10.49 million barrels since the start of the year after large draws in recent weeks.

Bunker demand has been reported as healthy, and this is expected to be supported by a seasonal rise in global refining this quarter, prompting a rise in regional crude and product tanker traffic.

Chart Attribute: Fujairah Weekly Oil Inventory Data (Jan 9 - Oct 16, 2017) / Source: The Gulf Intelligence

Chart Attribute: Fujairah Weekly Oil Inventory Data (Jan 9 - Oct 16, 2017) / Source: The Gulf Intelligence

About the S&P Global Platts and FOIZ Fujairah Data Project:

The government of Fujairah in 2016 announced a plan to publish weekly data on refined products held at onshore commercial terminals at Fujairah as part of its effort to position the Indian Ocean port as a global oil trading and storage. It appointed S&P Global Platts to distribute the weekly inventory data. FEDCom was established by the Fujairah Oil Industry Zone to collect, verify and distribute inventory data to replicate the data sets provided at other global trading centers such as Singapore and Rotterdam.Fujairah has about 41.5 million barrels of commercial oil product land storage available for leasing.

About the Gulf Intelligence:

Gulf Intelligence is a strategic communications & research firm effective across the full value-chain of the Middle East Energy Sector – we facilitate knowledge exchange and advance the business interests of national and international stakeholders operational in the regional industry. 
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