Fujairah fuel stocks rise 5%, light-ends fall 24%

London, (Quantum Commodity Intelligence) – Stocks of residual fuel oil in Fujairah rose marginally on the week to just shy of 13 million barrels, according to data published by S&P Global Platts and FEDcom.

Stocks in the largest UAE hub for bunkers rose 5% on the week ending 21 June and are now almost 20% above the average so far this year, the data showed.

Spot cracks for marine fuel 0.5% and 3.5% in the benchmark Singapore trading hub have been in a downward trend over the course of June as the price of crude has risen, according to Quantum data, with swap markets indicating Middle East prices are tracking the moves in Singapore.

Elsewhere, stocks of light ends saw the biggest draw in eight months this week, falling 24%, or 1.7 million barrels, to 5.4 million barrels.

Stocks of products such as gasoline, LPG and naphtha are around 15% below the average so far this year.

Inventories of middle distillates, such as diesel and jet, rose 7%, just 263,000 barrels, to 4.3 million barrels.

The average so far this year for middle distillates is 3.86 million barrels.