Fujairah Weekly Oil Inventory Data Stocks Level as of Dec. 31, 2018

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Fujairah Weekly Oil Inventory Data Stocks Level as of Dec. 31, 2018

Total oil product stocks in Fujairah stood at 17.348 million barrels

Chart Attribute: Fujairah Weekly Oil Inventory Data (as of December 31, 2018) / Source: The Gulf Intelligence

Chart Attribute: Fujairah Weekly Oil Inventory Data (as of December 31, 2018) / Source: The Gulf Intelligence

As of Monday, December 31 total oil product stocks in Fujairah stood at 17.348 million barrels – down by 1.9% week on week.

Stocks of light distillates fell by 2.1% week on week to 9.669 million barrels. Stocks saw little change from recent levels, averaging 9.72 million barrels through the month of December. Light stocks have been persistently high during 4Q 2018 amid a weak market and contango structure for gasoline and other light distillates.

Stocks of middle distillates fell by 9.5% week on week to 1.463 million barrels. Inventories fell to their lowest since January 1, 2018, which may be down to some traders looking to clear volumes by year-end.  While the East of Suez gasoil market was still weak from oversupply woes, sentiment was a touch improved as compared to earlier in December. "Arab Gulf swing barrels are still going towards Europe and East Africa, and since none of those barrels, or those from India, are heading to Asia for December, this will give us some time to digest the overhang in volumes," a market participant said last week.

Stocks of heavy residues edged up by 0.4% week on week to 6.216 million barrels. Bunker activity has been quiet in recent days as market participants had mostly covered their requirements prior to the year-end holiday period.

Chart Attribute: Fujairah Weekly Oil Inventory Data (Jan 9, 2017 - Dec. 31, 2018) / Source: The Gulf Intelligence

Chart Attribute: Fujairah Weekly Oil Inventory Data (Jan 9, 2017 - Dec. 31, 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.