FUJAIRAH DATA: Petroleum product inventories extend gains as middle distillates rise 36%

Strong points

Middle distillate exports at their lowest since May 2021: Kpler

Jet fuel heads to Seychelles

Total inventory has decreased by 14.38% over the past year

Petroleum product inventories at the port of Fujairah in the United Arab Emirates rose for a fourth consecutive week to February 7, driven by a 36% increase in middle distillates, such as jet fuel and diesel, according to zone data. Fujairah Oil Industry Report shared exclusively with S&P Global Platts on Feb. 9.

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Total inventories stood at 19.933 million barrels as of February 7, up 1.7% from the previous week and stretching to the highest level since November 15, according to data provided to Platts since January 2017. Middle distillates hit 2.529 million barrels, the most since Nov. 22.

Fujairah middle distillate exports slowed for a third consecutive month in January, with shipments averaging 41,100 bpd for the month, the lowest since May 2021, Kpler data showed.

Diesel exports averaged 18,800 bpd, the lowest since May 2020. Jordan was the main destination for middle distillates during the month, with 19,100 bpd of diesel/diesel destined for the country , followed by Pakistan with 16,000 bpd of diesel. and the Seychelles at 3,200 bpd of jet fuel, according to Kpler.

Inventories of gasoline, naphtha and other light distillates stood at 6.499 million barrels as of February 7, up 2.2% from the previous week and extending a six-month high.

Stocks of heavy distillates and tailings used for shipping and power generation fell 4.2% to 10.905 million barrels, a two-week low.

Total inventories have fallen 14.38% since this time last year, led by a 51.09% drop in middle distillates. Light distillates fell by 11.35% over the same period while heavy distillates increased by 1.16%.


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