Fujairah Heavy Distillate Stocks Drop to Two-Month Low
A sustained drawdown in heavy distillates pushed residue inventories at Fujairah to a two-month low, despite a slight weekly increase in total oil product storage.
Heavy distillate inventories at the Port of Fujairah declined to their lowest level in two months during the week concluding August 31, according to data from the Fujairah Oil Industry Zone published on September 2.
The decrease reflects an ongoing contraction in the hub's heavy residue fuel stockpiles, which serve commercial shipping as marine bunkers and are utilized for power generation.
Despite the reduction in residual fuel holdings, aggregate oil product inventories at the United Arab Emirates terminal recorded an overall expansion of 0.8 percent for the week, reaching 6.412.
The net climb in total volumes was driven by build-ups in light and middle distillate categories, which compensated for the continued weekly losses registered in the heavy distillates segment.
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