Fujairah oil products stockpiles climb

  • Date: 25-Jun-2020
  • Source: Emirates Business
  • Sector:Oil & Gas
  • Country:UAE
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Fujairah oil products stockpiles climb

Fujairah oil products stockpiles climb - Emirates Business

Admin 16 hours ago Local News, Uncategorized

Fujairah / WAM

Inventories of oil products at the UAE's East Coast port of Fujairah have climbed for the first time in three weeks, led by gains in gasoline and other light distillates. Total stockpiles were up 0.3 per cent on the week to 30.218 million barrels as of June 22, after setting a record high of 30.71 million barrels on 1st June, according to data released June 24 from the Fujairah Oil Industry Zone (FOIZ). Light distillates rose 10 per cent to 8.244 million barrels, while both middle and heavy distillates declined. Fujairah stockpiles are a clue to regional demand for refined products, with total inventories setting four record highs since early May as the global pandemic curbed the need for everything from gasoline to jet fuel and marine fuel. As the authorities in the region began to ease restrictions on movements, light and middle distillates inventories have declined this month. The gasoline stored in Fujairah is more representative of demand in Pakistan than it is locally, so it reflects export demand and blendstock, Omar Najia, global head of derivatives at BB Energy in Dubai,