Fujairah Weekly Oil Inventory Data Stocks Level as of Dec. 18, 2017

Fujairah Weekly Oil Inventory Data Stocks Level as of Dec. 18, 2017

Chart Attribute: Fujairah Weekly Oil Inventory Data (as of December 18, 2017) / Source: The Gulf Intelligence

Chart Attribute: Fujairah Weekly Oil Inventory Data (as of December 18, 2017) / Source: The Gulf Intelligence

Total refined product stocks at the UAE port of Fujairah stood at 16.626 million barrels in the week to December 18, almost unchanged from the previous week, according to data from the Fujairah Energy Data Committee, or FEDCom.

The total inventory figure barely moved over the week, with small builds in light and middle distillate stocks offset by a fall in heavy distillates and residues, S&P Global Platts Analytics said in a report. Stocks of heavy distillates and residues continued to fall in the week to December 18, dropping 4.2% to 10.217 million barrels. Sizable volumes of fuel oil have also been reported leaving Fujairah for Singapore, according to local sources, as prices spread between the two bunkering hubs.

Stocks of middle distillates rose 2.4% week on week to 1.44 million barrels, as the arbitrage window to move gasoil from Asia to the Middle East remains open. Demand from West and East Africa is also pulling in additional Middle Eastern gasoil and jet fuel cargoes, likely resulting from seasonally reduced supplies from Europe. Stocks of light distillates rose 9.1% to 4.969 million barrels, a nine-week high. Global gasoline markets continue to see a divergence between steady demand in East of Suez and seasonal winter downturn in the West, with Europe oversupplied.

Separately, Iran's Oil Minister Bijan Namdar Zanganeh expects the country's gasoline production to equal domestic requirements and stabilize from mid-2018, following the completion of phase two of the 120,000 b/d Persian Gulf Star condensates refinery.

The new refinery is expected to add 126,000 b/d of new gasoline supply once all the three phases were fully operational. This would be a 27% increase on current production, which is reportedly 468,000 b/d.

Chart Attribute: Fujairah Weekly Oil Inventory Data (Jan 9 - Dec 18, 2017) / Source: The Gulf Intelligence

Chart Attribute: Fujairah Weekly Oil Inventory Data (Jan 9 - Dec 18, 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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