Fujairah light-end stocks hit 9 month low, fuel oil stocks shrink

London, (Quantum Commodity Intelligence) - Stocks of light ends such as gasoline, naphtha and liquefied petroleum gas at the Middle Eastern hub of Fujairah fell to their lowest level since August last week, as demand for road transport fuel gathered pace.

Stocks of light ends totalled 5.1 million barrels, down 6% on the week, according to data compiled by S&P Global Platts.

The draw in distillates was outpaced by that of residual fuels with stocks of bunkering fuel falling 12% to 13 million barrels – a three-week low.

The figures on residual fuels come as cracks in Singapore have been falling steadily in recent weeks, amid sluggish demand and an outbreak of coronavirus in India that is changing the pattern of bunkering.

Fuel oil cracks – HSFO and marine fuel – recovered marginally on Wednesday, but remain near their lowest level for weeks.

Stock of middle distillates in the hub rose 200,000 barrels to 4 million barrels.

Snapshot

Light ends fell 229,000 barrels to 5.1 million barrels

Middle distillates rose 226,000 barrels to 4.08 million barrels

Residual fuel stocks fell 1.8 million barrels to 13.05 million barrels