Oil product reserves in the Fujairah oil industrial area (Fujairah) in the United Arab Emirates rose by 59% to 10.296 million barrels in the week ending September 21, 2023. This increase marks the highest level of reserves in the past five months, dating back to April 6, 2023.
Details of the Reserve Increase
The 59% increase in reserves broke the previous record of a 55% weekly increase recorded two weeks ago. Oil product reserves have been monitored in recent years, especially since 2017, and this data is particularly collected by Platts, which is part of S&P Global Energy.
Heavy distillate reserves, used as ship fuel and for power generation, increased by 97% to 5.6 million barrels in the past week. This amount represents the highest reserves in the last two weeks.
Status of Other Oil Products
Middle distillate reserves, which include jet fuel and diesel, increased by 23% to 2.603 million barrels, the highest level in the past six months. Additionally, light distillate reserves, including gasoline and naphtha, also rose by 39% to 2.093 million barrels, indicating a positive market condition in this sector.
The price of marine fuel with 0.5% sulfur delivered to Fujairah also increased by 16% compared to last week, reaching $186.35 per metric ton. This price increase has been reported due to supply constraints and the absence of replenishing cargoes until October, particularly in the Middle Eastern market.
Moreover, the price of high sulfur fuel oil (HSFO) delivered last week decreased by 0.8% to $165.37 per metric ton. This price is comparatively calculated against 3.5% sulfur fuel assessments FOB in the Arabian Gulf.
Read more: Natural Gas Prices Rise Above $3,000 per Million BTU · Actions of Russia's Neighboring Countries Against Oil Dependency
