Fujairah oil product stocks edge up

Total refined product stocks at the Port of Fujairah stood at 16.952 million barrels in the week to 25th December, edging up 2% or 326,000 barrels from the previous week, according to data from the Fujairah Energy Data Committee, FEDCom.

The rise was largely on the back of a significant increase in middle distillates, rising by almost a third to 1.882 million barrels, S&P Global Platts Analytics said in a report.

Despite stocks of middle distillates rising 30.7% to a seven-week high, they are still well below the year-to-date-average of 3.268 million barrels. The increase was due to a vessel originating from the West Coast of India. Bahrain Petroleum Co. has offered up to 60,000 mt of jet fuel for December 30th - January 2nd, loading from Sitra. The tender closed 21st December, with validity until 25th December.

At the same time, stocks of light distillates dropped 3.7% to 4.783 million barrels, with the Middle East continuing to see strong demand, which is expected to continue well into the first quarter of 2018. The region is currently undergoing some refinery maintenance, including Saudi Aramco's 550,000 b/d Ras Tanura splitter.

Stocks of heavy distillates and residues also inched up slightly by 0.7% to 10.287 million barrels.