FUJAIRAH: Refined product stocks at the Middle Eastern hub of Fujairah increased by 2.5 per cent in the week to Monday, led by an 11.2 per cent rise in stocks of heavy residues, according to data exclusively obtained by S&P Global Platts from the Port of Fujairah.
Oil products stocks were 20.348 million barrels on January 21, up from 19.855 million barrels the previous week.
Heavy residue stocks grew the most last week, rising by 11.2 per cent to 8.418 million barrels.
"Lower bunker fuel prices at Fujairah have attracted slightly more buying interest there in recent days than in Singapore," S&P Global Platts Analytics said in a report on Wednesday.
Moreover, light distillates were also up on the week by 1.2 per cent, reaching 10.445 million barrels. It marked the third consecutive week of stock levels above 10.445 million barrels, due to weak demand globally for gasoline.
Meanwhile middle distillates stocks dropped by 24.4 per cent on the week, falling to 1.485 million barrels, as demand in the West helped to absorb Asian supply.
S&P Global Platts holds exclusive rights to publish Fujairah oil inventory data, and has deployed a blockchain network for its collation.