The supply of refined products at Fujairah, an oil terminal in the UAE, fell to 16.8 million barrels, a 6.9% decrease, Zawya reports.
The decline was led by falling stocks of light distillates. They fell by 23.5% to 4.376 million barrels, reaching their lowest level since January, according to Zawya.
The region has seen its gasoline market tighten as several refineries have gone offline, particularly the one at Iran’s South Pars field, Zawya reports.
Stocks at Fujairah fluctuate significantly due to changing regional demand. On October 19th, Platts noted that supplies of refined products had risen 7.9% to 17.278 million barrels. The week prior to the jump, storage levels had fallen to a more than eight-month low, Platts reports.
The Fujairah facility has the capacity to store approximately 41.5 million barrels, according to Platts.