Fujairah data: Heavy residue stocks jump 19%, pushing total to 3-week high

A 19% spurt in heavy residue inventories led to a small build in overall refined product stocks at the Middle Eastern hub of Fujairah over the past week, according to data exclusively obtained by S&P Global Platts from the Port of Fujairah.

Total inventories rose 0.2% to 22.060 million barrels in the week to Monday, the second consecutive increase and the highest since February 4. Heavy residues jumped to 9.792 million barrels, the most since August 6. The category includes fuel oil.

Middle distillate inventories slumped 24% to 1.812 million barrels, the lowest since January 28, and light distillates declined 8.2% to 10.456 million barrels, the lowest since January 21. Middle distillates include gasoil and jet-kerosene while the light products include gasoline and naphtha.

S&P Global Platts holds exclusive rights to publish Fujairah oil inventory data, and has deployed a blockchain network for its collation.
Source: Platts