FUJAIRAH DATA: Oil product stocks fall 6% to fourth straight record low<\/p>\n
Oil product inventories at Fujairah in the UAE fell 6.3% in the week ended April 27 to 6.982 million barrels, hitting a record low for the fourth straight week and extending the drop since the US-Iran war started to 66%, according to Fujairah Oil Industry Zone data published April 29.<\/p>\n
As recently as early March, inventories of heavy distillates and light distillates each exceeded 8 million barrels. The total has now dropped eight weeks in a row, according to the data. Fujairah has been attacked at least six times since the war started on Feb. 28.<\/p>\n
Stocks of heavy distillates used as ship fuel and for power generation dropped 14% in the latest week to a third consecutive record low of 3.058 million barrels, and light distillate stocks, such as gasoline and naphtha, slipped 2.7% to 2.680 million barrels, the second consecutive all-time low, according to FOIZ.<\/p>\n
Meanwhile, middle distillate stocks, including jet fuel and diesel, climbed 9.1% to a three-week high of 1.244 million barrels, the second consecutive increase, the data showed.<\/p>\n
Platts assessed marine fuel 0.5% sulfur delivered in Fujairah at $812\/metric ton on April 28, up 2.1% on the day. It reached $1,126\/mt on March 12, the highest since July 2022. High-sulfur fuel oil delivered in Fujairah was assessed at $660\/mt on April 28, up 1.5% day over day. Platts is part of S&P Global Energy.<\/p>\n
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