Refined oil product stocks at the Port of Fujairah in the UAE rose 1.5% to 17.685 million barrels in the week to Monday, according to the Fujairah Energy Data Committee.
Light distillates stocks rose 6.1% week on week to 9.877 million barrels, with inventory levels remaining close to 10 million barrels amid continued oversupply of gasoline in the East of Suez market.
Middle distillate inventories fell 1.2% to 1.617 million barrels. Inventory levels have risen only slightly since hitting a 12-month low on December 10. Stock levels for the middles category averaged 2.3 million barrels in 2018, down 14% year on year.
Heavy residue stocks were 4.4% lower at 6.191 million barrels. Bunker prices continued to trend lower in line with declining crude prices, with Brent futures sliding towards $50/b on mounting economic worries. However, bunker trading activity has slowed due to the holiday period. Stock levels for the heavy category averaged 7.93 million barrels in 2018, down 24% year on year.
S&P Global Platts holds exclusive rights to publish Fujairah oil inventory data, and has deployed a blockchain network for its collation.
