Stockpiles of middle distillates at the Middle Eastern hub of Fujairah climbed 32% in the week to Monday, even as total refined product inventories were little changed, according to data from the Port of Fujairah.
Middle distillates, such as LPG used in cooking, jumped to 2.609 million barrels, a two-week high, while the total refined product inventories inched up 0.4% to 21.641 million barrels. It was the biggest increase for middle distillates since February 4.
Meanwhile, heavy residue stocks were up 1% at 8.633 million barrels.
Light distillate stocks moved in the opposite direction, slipping 5% on the week to 10.399 million barrels, near the lowest level of the year set on January 14 at 10.318 million barrels. Light distillates include gasoline.
Fujairah is one of the key ports in the world for bunker fuel sales, along with the likes of Singapore and Rotterdam.
S&P Global Platts holds exclusive rights to publish Fujairah oil inventory data, and has deployed a blockchain network for its collation.
