Fujairah light-ends stocks hit 3-mth high, fuel at 2-mth low

London, (Quantum Commodity Intelligence) – Stocks of light ends in Fujairah jumped to a three-month high during the final week of June while inventories of residual fuel shrank to over a two-month low, according to data published by S&P Global Platts and FEDcom.

Stocks in the largest UAE hub for light ends jumped by a third on the week to 7.26 million barrels during the seven days up to June 28, its highest level since mid-March but down from the 7.92 million held at a similar time in 2020.

Spot cracks for Gasoline 92 RON in the benchmark Singapore trading hub rebounded during the month of June from a three-month low hit at the end of May, according to Quantum data, with Middle East swap markets tracking the moves in Singapore.

At the same time, inventories of fuel oil in the Fujairah hub fell by 8.3% on the week to 11.86 million barrels – the lowest level since mid-April.

Spot cracks for marine fuel 0.5% and 3.5% in the benchmark Singapore trading hub cooled during the month of June but pared some losses in the final week.

Bunker fuel inventories stood at 16.47 million barrels at the end of June 2020 – near a three-year high.

Stocks of middle distillates – such as diesel and jet – slumped 7.4% on the week to 3.9 million barrels, at a four-week low and below the 4.1 million held at a similar time last year.