Media ININ Economy We Trust
Media IN Fujairah, 29th May, 2019 WAM / S & P Platts)
According to Fujairah Oil Industry Zone data. oil products inventories at the Port of Fujairah climbed for a third consecutive week, led by gains in jet fuel and other middle distillates.
Middle distillates gained 7 per cent to 2.481 million barrels. The category includes gasoil, diesel, marine bunker gasoil, jet fuel and kerosene.
Total stockpiles of light, middle and heavy distillates products rose 1.9 per cent to 24.387 million barrels, the most since the record high of 25.749 million barrels on 29th April. The figures go back to January 2017.
The gasoil market east of Suez, which includes Fujairah, will likely see surplus material move into Singapore as European demand stabilises, according to a report from S&P Global Platts. Demand in India was also expected to slow due to the upcoming monsoon season that typically runs from July to September, it said.
“Gasoil demand is going to be slow until Q3,” a trader said.
Heavy distillates and residues stocks declined 1 per cent to 11.489 million barrels, the first drop in three weeks. Light distillates inventories rebounded 4 per cent to 10.417 million barrels after dropping to a five-month low a week earlier.
Light distillates include gasoline, naphtha and condensates that are stored in white product tanks and have an API of 45 degrees and above. Heavy products are fuel oils used for marine bunkers and power generation.
