Picture used for illustrative purpose. File

Gulf Today Report

Stockpiles of oil products in Fujairah declined, reaching a two-week low. Heavy distillates and residues also slumped, reaching a 15-month low.

On Monday, stockpiles inventories amounted to 19.671 million barrels, lower by 2.8 per cent from a week earlier, making it the lowest since 26th October when it was at a 13-month low.

Also, heavy distillates and residues stood at 8.941 million barrels, 6 per cent less from the previous week and the lowest since 29th July 2019. 

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The future of fuel supplies will most likely be tight due to Bahrain Petroleum Co exiting the oil business by 2025, said Bapco Chairman Dawood Nassif in a Gulf Intelligence interview.

On Tuesday, Fujairah completed a marine fuel supply with 0.5% sulphur, which was assessed at US $355/mt, equal to Singapore the world’s largest bunker market.

On Monday, diesel amounted 5.356 million barrels, less than 2 per cent from the previous week. Gasoline was 5.374 million barrels, more than 1 per cent.