Fujairah Oil Products Stockpiles Drop To Eight-month Low
Umer Jamshaid Published September 30, 2020 | 02:45 PM
FUJAIRAH, (UrduPoint / Pakistan Point News / WAM - 30th Sep, 2020) Stockpiles of refined oil products at the UAE’s East Coast Port of Fujairah have dropped to an eight-month low, with shipments of naphtha and gasoil picking up. Total stockpiles stood at 20.961 million barrels as of 28th September, down 2.2 per cent from a week earlier and the lowest since 13th January, according to the data from the Fujairah Oil Industry Zone, FOIZ, today.
Stockpiles have now dropped for five consecutive weeks, the longest losing streak since the five weeks ended 1st July, 2019. The record losing streak was six weeks in a row in 2017.
Some 322,000 barrels of naphtha departed Fujairah for Malaysia in the week starting 21st September, the second consecutive week of shipments to the Asian nation, and Sudan took 345,000 barrels of gasoil, according to data analytics firm Kpler. Light distillates stockpiles, such as naphtha and gasoline, stood at 6.501 million barrels as of 28th September, down 2 per cent from a week earlier Stockpiles of middle distillates, such as gasoil and jet fuel, declined 8 per cent in the week to 28th September to 4.
335 million barrels. Gasoil went to Sudan for the first time since August, while there were no exports of jet fuel, according to the Kpler data.
Stockpiles have fallen in recent weeks as crude oil supplies increased and boosted demand for marine fuel and some countries such as Saudi Arabia imported fuel oil for power plants amid hot weather and seasonal demand for air conditioning. Total stockpiles are still 13 per cent higher for the year, with light distillates up 36 per cent and middle distillates 16 per cent higher.
Heavy distillates and residues, such as marine bunkers and fuel for power generation, are less than 1 per cent higher for the year.
In the week to 28th September, heavy distillates rose 1 per cent to 10.125 million barrels after slumping 20 per cent in the week to 21st September.
Related Topics
Recent Stories
Rawalpindi woman gives birth to six babies
Kenya Army Chief Francis Ogola among nine others who died in Helicopter crash
Saudi FM’s visit positive, constructive one: FO
Hania enjoys vacations in London
IMF Officials assure support to Pakistan’s economy
Naqvi directs foolproof measures for protection of Chinese nationals
Israel carries out attack inside Iran, report US media
Saudi Assistant Minister of Defence calls on army chief
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 19 April 2024
Today Gold Rate in Pakistan 19 April 2024
Rock-solid Ruud racks up season-leading win in Barcelona
At UN, Iran says it will make Israel 'regret' reprisals
More Stories From Middle East
-
UAE announces ‘Zero Bureaucracy Program’ to reduce bureaucracy
3 months ago -
COP28 President-Designate welcomes Transitional Committee agreement to operationalise Loss and Damag ..
6 months ago -
Global Media Congress 2023 to feature Co-Production Majlis as a new networking platform
6 months ago -
Young female athletes shine at Abu Dhabi World Youth Jiu-Jitsu Championship
6 months ago -
King of Jordan receives Abdullah bin Zayed and ministers participating in Arab coordination meeting
6 months ago -
Abdullah bin Zayed participates in coordination meeting of Arab foreign ministers, joint meeting wit ..
6 months ago
-
3rd annual conference of Emirates Society of Clinical Microbiology kicks off in Dubai
6 months ago -
SIBF 2023 hosts Nobel laureate to discuss emergence of ‘Afrofuturism’ in global discourse
6 months ago -
ALC announces winners of Kanz Al Jeel Award 2023
6 months ago -
SIBF turns spotlight on remarkable contributions of women
6 months ago -
Global assets in spot bitcoin ETFs hit $4.16 billion
6 months ago -
Rescuers struggle to find Nepal quake survivors as deaths reach 157
6 months ago