Fujairah light end stocks soar 43%, biggest weekly build in over five years

London, (Quantum Commodity Intelligence) – Stocks of light ends in Fujairah are near a three-month high after the biggest weekly gain in more than five years, according to data from FEDcom and S&P Global Platts Wednesday.

Gasoline, LPG and naphtha stocks jumped 2.1 million barrels over the seven days to 14 June, bringing the total to 7.12 million barrels, the highest since 29 March.

Light end stocks were at an eight-month low a week earlier, but have now switched to 10% above the average for the year to date.

The rise comes as gasoline cracks in Singapore climbed $0.73/b over the week to $5.95/b by Monday, driven by a sharp rise in personal mobility in India, which continues to recover from its brutal second wave of Covid-19.

Middle distillates stocks also rose, climbing 14% over the week to Monday, although from a low base.

Stocks of jet, kerosene, diesel, and gasoil rose 509,000 barrels to 3.99 million barrels, the highest level in more than a month.

Middle distillate inventories stood at 2% above the average so far this year.

Meanwhile, fuel oil stocks fell 11% from a very high level of 13.87 million barrels to 12.36 million barrels, the lowest level in three weeks and the biggest draw in four.

Stocks remain more than 10% above the average so far this year.