Oil products inventories in Fujairah reduced to 23.721 million barrels as of May 6. This development is mainly driven by decreases in the marine fuels and gasolines categories. This fall is the largest in five months.
Before this significant reduction, inventories had achieved a record high of 25.749 million barrels only last week.
More specifically, heavy distillates and residues stocks, were less by 12% , reaching 10.36 million barrels. This fall is indicative of a five-week low, while it also marks the second week-on-week decline in a row, the Fujairah Oil Industry Zone FOIZ informs.
On the other hand, stockpiles of heavy products have made a remarkable increase of 67% since 31 December 2018, with this growth largely attributed to a rise in slow shipping demand for fuel due to the embargo on Qatar along with US sanction against Iran.
However, in spite of this reduction in inventories, Fujairah are up 37% since the end of 2018. In fact, middle distillates are driving this increase with a 77% rise.
Finally, light distillates inventories have also experienced a growth of 11% since the end of last year.