Fujairah oil product stocks climb to six-week high

SourceEmirates Business
SectorOil & Gas
CountryUAE

Fujairah oil product stocks climb to six-week high Admin 10 hours ago Local NewsFUJAIRAH / WAMOil products stockpiles at the Port of Fujairah, the most important bunkering hub in the Middle East, jumped to a six-week high even as fuels for power generation and marine bunkers tumbled to the lowest in almost two years, as fuel oil shipments to South Korea resumed. Total inventories as of November 16 stood at 20.436 million barrels, up 3.9 per cent from a week earlier and the most since October 15, according to data released on Wednesday by the Fujairah Oil Industry Zone, FOIZ. Light distillates such as gasoline and naphtha surged 17 per cent to 6.307 million barrels, the highest since 28th September and middle distillates such as jet fuel and diesel expanded 11 per cent to 5.963 million barrels, close to the record high of 5.997 million barrels on June 1. Heavy distillates, covering fuels for power generation and marine bunkers, dropped to 8.166 million barrels as of November 16, down 8.7 per cent from a week earlier and the lowest since February 11, 2019.

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