Thu 17-12-2020 10:10 AM
FUJAIRAH, 17th December, 2020 (WAM/S & P Platts) -- Stockpiles of oil products at the UAE port of Fujairah jumped 6.7 percent in the week to December 14th to their highest level since the end of August, the latest data from the Fujairah Oil Industry Zone shows.
The total stood at 24.639 million barrels, a rise of 1.550 million barrels from the previous week. They were last higher on August 31st, when 25.124 million barrels was stored at the port, according to the data provided exclusively to S&P Global Platts.
Heavy distillates including fuel for power generation and bunkers rose 11 percent to 11.327 million barrels, the data showed.
Bunker values in Fujairah were up on the week with the rise in front-month ICE Brent futures underpinning price levels, market sources told Platts. Fujairah-delivered marine fuel 0.5 percent bunker fuel was assessed at $390/mt on December 15th, reflecting a rise of $9/mt week on week.
That reflected a $3/mt discount to Singapore delivered marine fuel 0.5 percent bunker prices.
Middle distillate stocks in Fujairah, including jet fuel and diesel, fell just 0.1 percent on the week to 6.054 million barrels.
India remained a bright spot for gasoil demand with the country's gasoil demand growing for the third straight month in November. Looking ahead, S&P Global Platts Analytics said in a report December 14th that it expects the country's overall oil demand to grow in December, and is further poised to pick up in 2021 as the economy rebounds.
Light distillate stocks in Fujairah, such as gasoline and naphtha, built by 6.4 percent to 7.257 million barrels.
The East of Suez gasoline market was supported by demand from South Africa after Engen's 125,000 b/d refinery in Durban suffered an explosion on December 4th. Engen issued a tender for gasoline supplies, allowing for the cargo to be loaded from ports in the Mediterranean, expanding its range from the typical Gulf and Singapore/Malaysia ports.