Fujairah oil stocks hit six week low

London, (Quantum Commodity Intelligence) - Inventories of oil stocks in Fujairah fell to a six-week low this week, as light end stocks fell back 16%, distillates slumped 10% and residual fuels fell 12%, according to data released by S&P Global Platt and the Fujairah Oil Industry Zone.

Total stocks of products reached 20.3 million barrels by 24 May, the lowest since April 12 and more than double the average 10.8 million barrels seen in 2019.

Stocks of residual fuels, such as those used in bunkers and power stations, fell 1.7 million barrels to 11.87 million barrels, the lowest level since mid-April, but remain 10% above 2019 averages.

Middle distillate stocks, such as jet and diesel, fell 345,000 barrels to 3.34 million barrels, but remain about 50% above 2019 averages.

And light end stocks fell a sharp 995,000 barrels on the week to lose all of last week gains. Light ends, such as gasoline and naphtha, stand at 5.127 million barrels, about 40% lower than the 2019 average of 8.46 million