Oil product stocks in the Middle Eastern hub of Fujairah dropped to 17.998 million barrels in the week to Monday, down by 908,000 barrels from the previous week, according to the Fujairah Energy Data Committee.
The biggest fall was in stocks of light distillates, which sank by 12% to 5.891 million barrels.
“Sentiment in the East of Suez gasoline market remains firm on the back of continued demand from the Middle East,” S&P Global Platts Analytics said in a report Wednesday, citing market sources.
“Hurricane Florence had limited disruption on US gasoline supply, with the impact expected to result in lower demand, which will keep European supply focused on the East,” the report added.
Middle distillate stocks climbed by 0.1% to 4.181 million barrels, the highest level since July 2017. Gasoil market sentiment in the region was little changed, according to the report, while demand for Middle Eastern gasoil and jet fuel was stronger in the east than the west.
Stocks of heavy distillates and residues slipped by 1.6% to 7.926 million barrels. The expectation of higher crude prices was driving increased bunker demand, according to the report, and the bunker market is also eyeing the potential for US sanctions to limit Iranian fuel oil exports to Fujairah.
Platts holds exclusive rights to publish Fujairah oil inventory data, and has deployed a blockchain network for its collation.
Source: PlattsPrevious Next