Fujairah Weekly Oil Inventory Data Stocks Level as of Oct. 23, 2017

Fujairah Weekly Oil Inventory Data Stocks Level as of Oct. 23, 2017

Chart Attribute: Fujairah Weekly Oil Inventory Data (as of October 23, 2017) / Source: The Gulf Intelligence

Chart Attribute: Fujairah Weekly Oil Inventory Data (as of October 23, 2017) / Source: The Gulf Intelligence

Total refined product stocks in Fujairah stood at 16.08 million barrels in the week to October 23, down 6.9% from the previous week led by a large draw in light distillate stocks, according to data from the Fujairah Energy Data Committee (FEDCom).

Stocks of light distillates at the UAE hub fell by 23.5% week on week to 4.376 million barrels -- their lowest total since January 16, driven by continued demand for gasoline from Iran as well as for naphtha from Asia, S&P Global Platts Analytics said in a report.

Demand for gasoline is currently strong in the Middle East, while supply has been tight due to partial maintenance closures this month at a number of refineries including Petro Rabigh (Saudi Arabia), ORPIC (Oman) and Qatar Petroleum.

Meanwhile, Iran is seeing reduced domestic gasoline output due to lower condensate supply as a result of maintenance at the South Pars fields. Stocks of middle distillates fell by 14% to 2.481 million barrels and stock levels remained below 3 million barrels for a sixth week in a row, as regional supply has been impacted by both refinery maintenance and a pull on gasoil from the West, Platts Analytics said.

Stocks of heavy distillates and residues rose by 6.3% to 9.221 million barrels but remained below 10 million barrels for a fourth week in a row. Stock levels have been drawn down this month partly due to heavy flows of fuel oil to Pakistan. Pakistan State Oil has tendered for a lower total of 195,000 mt of fuel oil loading from Fujairah in November compared to October (520,000 mt), which could see stock levels rise from recent lows.

Chart Attribute: Fujairah Weekly Oil Inventory Data (Jan 9 - Oct 23, 2017) / Source: The Gulf Intelligence

Chart Attribute: Fujairah Weekly Oil Inventory Data (Jan 9 - Oct 23, 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.

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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