Fujairah Weekly Oil Inventory Data Stocks Level as of March 26, 2018

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Fujairah Weekly Oil Inventory Data Stocks Level as of March 26, 2018

Chart Attribute: Fujairah Weekly Oil Inventory Data (as of March 26, 2018) / Source: The Gulf Intelligence

Chart Attribute: Fujairah Weekly Oil Inventory Data (as of March 26, 2018) / Source: The Gulf Intelligence

Total oil product stocks in Fujairah stood at 17.559 million barrels as of March 26, down slightly by 0.4% from last week's 15-week high, according to the latest data from the Fujairah Energy Data Committee, or FEDCom.

Stocks of middle distillates fell by almost 14% to 2.217 million barrels. Gasoil cargoes from the Gulf were headed to Singapore due to a closed arbitrage to the west, S&P Global Platts Analytics said in a report.

Asia's gas oil market was largely balanced, between spot demand and ongoing refinery turnarounds providing underlying support, it added.

Stocks of light distillates rose by 6.9% week on week to 8.193 million barrels. Inventories for this category in March 2018 have averaged 30% higher than the same month last year, which is indicative of ample supply in the region, Platts Analytics said.

Stocks of heavy distillates and residues fell by 3.2% week on week to 7.149 million barrels. Premiums for the benchmark Arab Gulf 180 CST FOB cargoes fell to $7/mt on Tuesday from a four-month high of $10/mt a week ago. This was in line with a weakening market in Singapore, where cash premiums and swaps time spreads are both negative.

Chart Attribute: Fujairah Weekly Oil Inventory Data (Jan 9, 2017 - Mar 26, 2018) / Source: The Gulf Intelligence

Chart Attribute: Fujairah Weekly Oil Inventory Data (January 9, 2017 - March 26, 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

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