Fujairah oil product stocks hit 5-week high on fuel oil inventory build

London (Quantum Commodity Intelligence) - Inventories of refined products at the port of Fujairah, UAE moved to a five-week high helped by a record rise in fuel oil and despite a near 1-year low for middle distillate stocks, according to S&P Global Platts.

Total product stocks were up 7.7% on the week at 20.77 million barrels on April 5, which included a 36% increase to 11.211 million barrels for heavy distillates, according to Fujairah Oil Industry Zone data cited by Platts.

Almost 3.35 million barrels of middle distillates including gasoil, jet fuel and kerosene were in tank, a drop of 5% week-on-week, while light end stocks including gasoline and naphtha lost 17% to 6.211 million barrels.