Oil product stocks at the port of Fujairah rose 18.6% last week, buoyed by a growth in heavy residue stocks, according to data exclusively obtained from the Port of Fujairah.
Residues were up 32.7% week on week, reaching an 11-week high of 8.249 million barrels.
“Bunker demand in Fujairah has seen a subdued start to the year so far, running contrary to supplier expectations,” S&P Global Platts Analytics reported.
Bunker inquiries are expected to increase, since prices at Fujairah have now dropped to levels lower than those offered in Singapore.
Light distillate stocks were also higher week on week, rising by 10.9% to 10.721 million barrels, the second-highest stock level for light distillates since records began. The overall view is that the market is oversupplied, though gasoline demand has seen some pick-up in the beginning of 2019.
Middle distillate stocks also rose to 1.608 million barrels, an increase of 9.9% week on week. Stock levels remain low compared to the average of 3.165 million barrels in the second half of 2018. Refinery turnarounds in India have tightened supply of middle distillates.
Platts holds exclusive rights to publish Fujairah oil inventory data, and has deployed a blockchain network for its collation.