Picture used for illustrative purpose. File
Gulf Today Report
Fujairah oil stockpiles advanced by 6.7 per cent, the highest gain since the end of August, stated data from the Fujairah Oil Industry Zone.
According to data, heavy distillates rose 11 per cent to 11. 327 million barrels. Middle distillate declined 0.1 per cent to 6.054 million barrels. Lastly, light distillate gained 6.4 per cent to 7.257 million barrels.
The inventories amounted to 24.639 million barrels, an increase of 1.550 million barrels from the previous week.
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Bunker values in Fujairah increased in the front-month ICE Brent futures underpinning price levels.
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The stockpiles of oil products at the Port of Fujairah outside of the Strait of Hormuz in the Arabian Gulf dropped to a two-month low, with some traders forced to buy marine bunkers after holding off because of escalating prices.
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