Fujairah Weekly Oil Inventory Data Stocks Level as of July 15, 2019
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Fujairah Weekly Oil Inventory Data Stocks Level as of July 15, 2019

Chart Attribute: Fujairah Weekly Oil Inventory Data (as of July 15, 2019) / Source: The Gulf Intelligence

Chart Attribute: Fujairah Weekly Oil Inventory Data (as of July 15, 2019) / Source: The Gulf Intelligence

As of Monday, July 15 total oil product stocks in Fujairah stood at 19.067 million barrels falling 290,000 barrels week on week. Overall product stocks fell by 1.5% with a drawdown in heavy distillate stocks and build-in light and middle distillate stocks.

Stocks of light distillates rose by 836,000 barrels reflecting a build of 11.4% week on week. Total volumes stood at 8.153 million barrels. Gasoline in both the East and West of Suez markets was finding support from strength in the US gasoline market which had risen sharply following Hurricane Barry making landfall in the US Gulf Coast. The 92 RON gasoline crack in Singapore against ICE Brent futures stood at $7.32/b on Tuesday, reflecting a rise of the $1.05/b week on week.

Stocks of middle distillates rose by 6.4% adding 139,000 barrels to stand at 2.314 million barrels at the start of the week. East of Suez was seeing a mixed outlook for gasoil fundamentals with support seen from increased demand across South East Asia owing to run-cuts at refiners, while demand from China and India has remained lackluster.

Stocks of heavy distillates fell 12.8%, drawing down 1.265 million barrels on the week to stand at 8.6 million barrels, falling back to levels last seen around mid-March this year. A widening of the price spread between Singapore and Fujairah delivered bunker markets was leading to an uptick in demand at the Middle Eastern port. Singapore’s bunker premium to Fujairah rallied to a $37/mt premium last Wednesday before narrowing slightly to stand at $34/mt on Tuesday. Fujairah 380 CST delivered bunkers were assessed at $418/mt Tuesday with Singapore 380 CST delivered bunkers assessed at $452/mt.

Chart Attribute: Fujairah Weekly Oil Inventory Data (Jan 9, 2017 - July 15, 2019) / Source: The Gulf Intelligence

Chart Attribute: Fujairah Weekly Oil Inventory Data (Jan 9, 2017 - July 15, 2019) / 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.