Oil product stocks in the Fujairah (Fujairah) oil zone located in the United Arab Emirates increased by 6.2% in the week ending October 19, 2023. This increase was particularly influenced by an unprecedented 72% rise in light distillate stocks such as gasoline and light naphtha.
Details of Oil Product Stocks
According to published data, total stocks reached 7.247 million barrels, marking the first increase in the past four weeks. However, this stock level remains 65% lower than the level recorded on February 23, prior to the onset of the Iran war.
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Light distillate stocks increased from 760,000 barrels last week to 1.304 million barrels. This increase is the largest recorded in the Fujairah oil zone data since 2017.
Impact of War and Stock Changes
Heavy distillate stocks, used as fuel for ships and for electricity generation, also rose by 12% to 3.682 million barrels, indicating the highest level in the past two weeks. In contrast, middle distillate stocks decreased by 18% to 2.261 million barrels, having declined after reaching their highest level since the start of the war.
Since the onset of the war, heavy distillate stocks have decreased by 53%, middle distillate stocks by 23%, and light distillate stocks by 87%.
On October 20, 2023, the price of marine fuel delivered in Fujairah with 0.5% sulfur was assessed at $982 per metric ton, the highest price since October 13. Additionally, high sulfur fuel 380 CST delivered in Fujairah was valued at $739 per metric ton, which is also the lowest price since October 13.
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