Fujairah Weekly Oil Inventory Data Stocks Level as of June 25, 2018

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Fujairah Weekly Oil Inventory Data Stocks Level as of June 25, 2018

Chart Attribute: Fujairah Weekly Oil Inventory Data (as of June 25, 2018) / Source: The Gulf Intelligence

Chart Attribute: Fujairah Weekly Oil Inventory Data (as of June 25, 2018) / Source: The Gulf Intelligence

Oil product stocks at the Middle East's key oil hub of Fujairah rose 3.6% in the week to Monday, rebounding from a five-week low, as light, middle and heavy distillates all saw builds. Total oil stocks were 18.339 million barrels, up 645,000 barrels from a week earlier, according to the Fujairah Energy Data Committee. The biggest increase was in light distillates, which rose 7.9% to 6.533 million barrels.

"Activity in the Middle East gasoline market has begun to pick up after the end of the Eid holiday season," S&P Global Platts Analytics said in a report Wednesday. The Mediterranean gasoline market was seen as mostly balanced, the report stated, supported in part by buying interest from India and the Middle East, "depending on which arb is cheaper," according to a trading source.

Premiums for Arab Gulf RON 95 gasoline rose to a near six-month high of $3.70/b. Middle distillate stocks rose 5.2% on the week to 2.887 million barrels. First/second month Singapore gasoil swaps went into contango Tuesday on mounting supplies in Asia and weak sentiment. In Europe, imports from the US Gulf Coast are making up for low gasoil stocks. "This limits the arbitrage opportunities from the East of Suez, leaving excess barrels within the region," Platts Analytics said.

Kuwait's KPC has been a recent active seller in the 0.05% sulfur gasoil market. Heavy distillate and residue stocks rose 0.2% on the week to 8.919 million barrels.

Platts Analytics said it expects regional demand for fuel oil to remain elevated through the summer due to demand for power generation. But price volatility hit the market in the wake of last week's OPEC meeting.

S&P Global Platts holds exclusive rights to publish Fujairah oil inventory data and has deployed a Blockchain network for its collation.

Chart Attribute: Fujairah Weekly Oil Inventory Data (Jan 9, 2017 - June 25, 2018) / Source: The Gulf Intelligence

Chart Attribute: Fujairah Weekly Oil Inventory Data (Jan 9, 2017 - June 25, 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 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.