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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.
On Monday, the stockpiles had a total inventory of 20, 854 million barrels, down 1.6 per cent from the previous week, according to Fujairah Oil Industry Zone (FOIZ).
On Monday, the total inventory amounted to 23.282 million barrels, recording a 7 per cent increase from the previous week, according to Fujairah Oil Industry Zone data.
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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