Fujairah Weekly Oil Inventory Data Stocks Level as of Mar. 12, 2018

Oil product stocks drop 4.5% on week to 15.962 million barrels

Chart Attribute: Fujairah Weekly Oil Inventory Data (as of March 12, 2018) / Source: The Gulf Intelligence

Chart Attribute: Fujairah Weekly Oil Inventory Data (as of March 12, 2018) / Source: The Gulf Intelligence

Total oil product stocks in Fujairah stood at 15.962 million barrels as of Monday, slipping 4.5% on the week as stocks of middle distillates fell by more than a quarter, according to latest data from the Fujairah Energy Data Committee, or FEDCom.

Stocks of middle distillates fell by 25.4% to 1.919 million barrels, a seven-week low. In the jet market, demand for Middle East export barrels to Asia is cooling. Singapore jet premiums recently rose to multi-year highs, but demand has begun to retreat with winter heating season now over, S&P Global Platts Analytics said in a report. Stocks of light distillates also fell, dropping 12.5% week on week to 6.688 million barrels. Demand in the Middle East is moderate, with spot premiums for Arab Gulf Gasoline RON 95 averaging $2.46/b so far this month, and the region is expected to be well supplied by European gasoline cargoes.

HEAVY DISTILLATE REBOUND CONTINUES


Stocks of heavy distillates and residues rose by 13.2% week on week to 7.355 million barrels, an eight-week high and continuing to rebound from the record low of 4.84 million barrels set on February 26. Premiums for benchmark Arab Gulf 180 CST FOB cargoes rose to a four-month high of $10/mt Tuesday, in line with the strengthening of the 180 CST price in the Singapore market, the report said.

Market sources have attributed a widening viscosity spread to early pricing in of the IMO's 2020 bunker fuel regulations. The lower sulfur limits are expected to lead to a big increase in blending activity, which could increase demand for lower viscosity material.

Futures contracts for January 2020 are currently pricing a $20/mt spread between 180 CST and 380 CST grades, compared to a historical average of around $6-7/mt. In the near term, stronger premiums and backwardated front-month time spreads are further factors discouraging higher stocks.

Chart Attribute: Fujairah Weekly Oil Inventory Data (Jan 9, 2017 - Mar 12, 2018) / Source: The Gulf Intelligence

Chart Attribute: Fujairah Weekly Oil Inventory Data (Jan 9, 2017 - Mar 12, 2018) / 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 by 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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IndraStra Global: Fujairah Weekly Oil Inventory Data Stocks Level as of Mar. 12, 2018
Fujairah Weekly Oil Inventory Data Stocks Level as of Mar. 12, 2018
Oil product stocks drop 4.5% on week to 15.962 million barrels
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