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Gulf Today Report
Oil products inventories at Fujairah port recorded their fourth consecutive week of decline.
Middle distillates fell to an 11-week low and heavy distillates slumped for the first time in three weeks.
According to data provided by Fujairah Oil Industry Zone, total stockpiles on 11th January stood at 22.122 million barrels, down 5.3 per cent from a week earlier, its lowest since 30th November.
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Middle distillates on 11th January stood at 4.4 million barrels,2 per cent less from a week earlier and its lowest since 26th October 2020.
The middle distillates are the hardest-hit product in 2020 due to the pandemic effects on demand for jet fuel.
Inventories of heavy distillates dropped 11 per cent in the week to 11th January to 10.38 million barrels, the lowest since 7th December 2020.
Light distillates stocks were at 7.342 million barrels as of 11th January, jumped by 1 per cent from a week earlier.
Already well-established as one of the world’s top centres for oil bunkering, the Port of Fujairah and the adjacent Fujairah Oil Industry Zone (FOIZ) continue to attract further business and investment, recent announcements show.
A wide range of development projects are underway in the UAE’s east coast emirate of Fujairah as it seeks to diversify its economy. The Port of Fujairah, its adjacent anchorage and the Fujairah Oil Industry Zone, FOIZ, are already well-established as the second largest oil bunkering centre in the world,
"The participation of our international partners in the investigation will help us arrive at impartial conclusions in a transparent manner. That is precisely what the UAE wants from this probe."
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.
As of Monday, the total inventory amounted to 21.759 million barrels, 1.8 per cent below that of the previous week.
Brent crude futures climbed 19 cents, or 0.3%, to $56.10 a barrel while US West Texas Intermediate (WTI) crude futures rose 20 cents, or 0.4%, to $52.81 a barrel.
Spot gold was down 0.1% to $1,849.16 per ounce while US gold futures eased 0.2% to $1,847.50.
The UAE has succeeded in providing all public and private services, which greatly contributed to mitigating the expected impact of the pandemic on the real estate sector, thanks to the proactive measures of the government, says Binghatti.