08JUL2019 - NEWS - Fujairah oil product stockpiles at 2019 low on higher demand

Oil product stockpiles at the Fujairah trading hub on the UAE’s east coast fell to the lowest level this year, led by double-digit declines in medium and heavy distillates amid reports of increasing demand, according to data from the Fujairah Oil Industry Zone.

Total inventories declined 7.2 per cent over the past week to 18.58 million barrels as of July 1, the lowest since December 31. It was the fifth consecutive week-on-week drop, the longest stretch of declines since May 2017.

Stockpiles of heavy distillates and residues, including marine fuel, dropped 10 per cent for the week. Stocks for middle distillates – which include gasoil, diesel, marine bunker gasoil, jet fuel and kerosene – plunged 24 per cent on the week.