Picture used for illustrative purpose. File

Gulf Today, Staff Reporter

Fujairah oil products bounced back following refinery outages in Middle East pushing light distillates to an eight-month high.

On Monday, the inventory amounted to 23.180 million barrels, advancing by 11% from the previous week, the highest weekly gain since December.

Light distillates were at 8.095 million barrels, rising 12% from the previous week and the highest since June.

The light distillate stocks recorded gains due to refinery outages in Middle East.

Robust demand from Africa has also attracted gasoline barrels to the Middle East, with tankers typically stopping by the Middle East before moving on to other African destinations. 

READ MORE

Oil prices gain on Fed remark, decline in US output

Gold prices ease on strong yields

Sharjah Chamber of Commerce to strengthen economic relationship with Egypt

In UAE demand for gasoline has declined with driving activity reducing by 200% above baseline levels from the 400% registered in January.

Heavy distillates amounted to 11.018 million barrels, climbing by 16%, it highest in five weeks.

Middle distillates stocks were at 4.067 million barrels, slipping by 2.4%.

All 11 commercial terminal operators at Fujairah participate in the weekly inventory report, according to Fujairah Oil Industry Zone.