Stockpiles of oil products soar 11% in biggest weekly gain since February
Stockpiles of oil products at the crude trading and bunkering hub of Fujairah on the UAE East Coast jumped to a six-week high, with marine bunkers and fuel for power generation soaring the most in six months.
The stockpiles stood at 26.681 million barrels as of 24th August, up 11 percent from a week earlier, according to data released today by the Fujairah Oil Industry Zone, or FOIZ. It was the biggest weekly gain since 24th February and the highest total since 13th July, according to FOIZ data provided exclusively to S&P Global Platts. Heavy distillates jumped 13 percent, the most since 24th February, at 15.486 million barrels.
Inventories had been falling since the record high of 30.71 million barrels on 1st June. By the week ended 22nd August, they were at a four-month low amid signs of recovering economic activity as pandemic lockdowns were eased.
Inventories of middle distillates, such as jet fuel and gasoil, surged 22 percent in the latest week while light distillates like gasoline and naphtha advanced 2 percent. It was the first time since 1st June that light, middle and heavy distillates all climbed. Stockpiles had fallen to a four-month low just a week earlier.
For all of August, stockpiles climbed 3.8 percent — the first monthly advance since the 17 percent jump in May. Middle distillates were the only category that showed a decline for the month, down 5.8 percent, while light distillates expanded 4.3 percent and heavy distillates jumped 6.1 percent.
WAM/MOHD AAMIR/Tariq alfaham/Hatem Mohamed
