Oil stockpiles of Fujairah recorded a four-week slide while heavy distillates rebounded, making up for a string of declines in middle distillates and a drop in light distillates for the lowest in six weeks, S&P Global Platts stated.
The total stocks, until January 18, reached 22.149 million barrels, increasing 0.1% from the previous week recording the first gain for five weeks ago, data from Fujairah Oil Industry Zone showed.
Heavy distillates used in marine bunker and for generating power increased by 10% to 11.399 million barrels after it dropped by 11% a week earlier.
However, middle distillate stocks decreased by 12% to 3.879 million barrels which is the lowest since October 5 and recorded a decline for the sixth consecutive week. Middle distillates covered in the report included gasoil, diesel, bunker gasoil, jet fuel and kerosene.
According to data analytics from Kpler, diesel was the biggest middle distillate exported from Fujairah in 2020, at a volume of 83,000 barrels per day (bbl/d), while its exports in the week starting January 1 reached 829,000 barrels, 503,000 of which were delivered to Egypt for the first time since December 2019.
Additionally, the data showed that light distillates such as gasoline and naphtha dropped by 6% to 6.871 million barrels, which is the lowest since December 7. According to the Kpler data, a shipment of some 527,000 barrels of gasoline was designated to Kenya in the week starting January 11, which was the biggest since March 2020.