Fujairah Weekly Oil Inventory Data Stocks Level as of September 17, 2018

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Fujairah Weekly Oil Inventory Data Stocks Level as of September 17, 2018

Chart Attribute: Fujairah Weekly Oil Inventory Data (as of September 17, 2018) / Source: The Gulf Intelligence

Chart Attribute: Fujairah Weekly Oil Inventory Data (as of September 17, 2018) / Source: The Gulf Intelligence

As of Monday, September 17, total oil product stocks in Fujairah stood at 17.998 million barrels – down by 4.8% week on week.

Stocks of light distillates fell by 11.7% week on week to 5.891 million barrels. Sentiment in the East of Suez gasoline market remains firm on the back of continued demand from the Middle East, market sources said. Premiums for Arab Gulf RON 95 gasoline were up to a five-week high of $3.80/b yesterday.  Gasoline flows from northeast Europe to the Middle East continue, with new fixtures for gasoline-laden vessels from the ARA region and the UK to the Arab Gulf reported this week. Hurricane Florence had limited disruption on US gasoline supply, with the impact expected to result in lower demand, which will keep European supply focused on the East.

Stocks of middle distillates edged up by 0.1% week on week to 4.181 million barrels - a new year to date high and the highest since July 24, 2017. Gasoil market sentiment has been little changed over the past week. The pull on Middle Eastern gasoil and jet fuel remains stronger to the east than the west. The East-West Exchange of Futures for Swaps was at minus $2.91/mt for October and minus $7.70/mt for November. The EFS generally needs to widen to minus $10-$15/mt before arbitrage economics to move gasoil would be feasible.


Stocks of heavy distillates and residues fell by 1.6% week on week to 7.926 million barrels. In Fujairah, bullish crude price sentiment was said to be driving interest amongst bunker buyers on Monday. Buyers with prompt requirements are looking to fulfill their demand in anticipation that flat prices may continue to rise. "It's manic today," said a Fujairah-based trader on the influx in inquiries. Upcoming US sanctions are expected to reduce Iranian crude exports sharply, and could also impact Iranian fuel oil supply to Fujairah. Delivered 380 CST bunker prices in Fujairah were $18/mt above Singapore yesterday; typically prices at the two ports are close to parity.

Chart Attribute: Fujairah Weekly Oil Inventory Data (Jan 9, 2017 - Sept. 17, 2018) / Source: The Gulf Intelligence

Chart Attribute: Fujairah Weekly Oil Inventory Data (Jan 9, 2017 - Sept. 17, 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.