STOCKS DATA: Fujairah stocks of jet, diesel fall to four-month low

Quantum Commodity Intelligence – Stocks of middle distillates in the UAE port of Fujairah fell to a four-month low last week as light end stocks rose and fuel oil stocks flatlined, data from S&P Global Platts and FEDcom showed Wednesday.

Total stocks of diesel and jet fuel fell 359,000 barrels to 3.37 million barrels, according to the data – the lowest since late April and a figure that is 13% below the average so far this year.

Jet cracks in Asia have been in an upward momentum since the start of the month, adding around $0.80 to $3.17/b FOB Singapore versus cash Brent, according to Quantum data.

While middle distillate stocks fell, light end inventories, such as naphtha, jet and LPG, rose 423,000 barrels on the week to 6.6 million barrels – a figure that is 2% up on the average so far this year.

Elsewhere, stocks of fuel oil broadly flatlined at 111.76 million barrels over the week.

They remain 4% higher than the average so far this year.