FUJAIRAH- Total refined product stocks in Fujairah stood at 16.08 million barrels in the week to October 23rd, down 6.9% from the previous week, led by a large draw in light distillate stocks, according to data from the Fujairah Energy Data Committee, FEDCom.
Stocks of light distillates at the UAE hub fell by 23.5% week on week to 4.376 million barrels, their lowest total since January 16th, driven by continued demand for gasoline from Iran as well as for naphtha from Asia, S&P Global Platts Analytics said in a report.
Demand for gasoline is currently strong in the Middle East, while supply has been tight due to partial maintenance closures this month at a number of refineries.
Meanwhile, Iran is seeing reduced domestic gasoline output due to lower condensate supply as a result of maintenance at the South Pars fields.
Stocks of middle distillates fell by 14% to 2.481 million barrels and stock levels remained below 3 million barrels for a sixth week in a row, as regional supply has been impacted by both refinery maintenance and a pull on gasoil from the West, Platts Analytics said.
Stocks of heavy distillates and residues rose by 6.3% to 9.221 million barrels, but remained below 10 million barrels for a fourth week in a row.
Stock levels have been drawn down this month partly due to heavy flows of fuel oil to Pakistan.
Pakistan State Oil has tendered for a lower total of 195,000 mt of fuel oil loading from Fujairah in November compared to October (520,000 mt), which could see stock levels rise from recent lows.
Copyright Emirates News Agency (WAM) 2017.
Stocks of light distillates at the UAE hub fell by 23.5% week on week to 4.376 million barrels, their lowest total since January 16th, driven by continued demand for gasoline from Iran as well as for naphtha from Asia, S&P Global Platts Analytics said in a report.
Demand for gasoline is currently strong in the Middle East, while supply has been tight due to partial maintenance closures this month at a number of refineries.
Meanwhile, Iran is seeing reduced domestic gasoline output due to lower condensate supply as a result of maintenance at the South Pars fields.
Stocks of middle distillates fell by 14% to 2.481 million barrels and stock levels remained below 3 million barrels for a sixth week in a row, as regional supply has been impacted by both refinery maintenance and a pull on gasoil from the West, Platts Analytics said.
Stocks of heavy distillates and residues rose by 6.3% to 9.221 million barrels, but remained below 10 million barrels for a fourth week in a row.
Stock levels have been drawn down this month partly due to heavy flows of fuel oil to Pakistan.
Pakistan State Oil has tendered for a lower total of 195,000 mt of fuel oil loading from Fujairah in November compared to October (520,000 mt), which could see stock levels rise from recent lows.
Copyright Emirates News Agency (WAM) 2017.