Oil product inventories at Fujairah on the UAE’s east coast surged as light distillate stocks soared to the highest level since April 5, recovering from a near record low reached in the previous week. according to S&P Global Platts data.
The total inventory was 23.470 million barrels as of June 14, up 5.1% from a week earlier. Meanwhile, stocks of light distillates, including gasoline and naphtha, surged 42.9% to 7.115 million barrels, reversing the previous week’s trend.
In the previous week, light distillates dropped to the lowest level since Oct. 26, 2020, when they hit a record low of 4.198 million barrels. The drop was triggered by growing demand for naphtha in Asia and refinery issues in Saudi Arabia and the UAE.
Stocks of Middle distillates, including jet fuel and diesel, increased 14.6% to 3.993 million barrels.