Thu 29-03-2018 17:23 PM
FUJAIRAH, 29th March, 2018 (WAM) — Total oil product stocks in Fujairah stood at 17.559 million barrels as of March 26, down slightly by 0.4 percent from last week’s 15-week high, according to the latest data from the Fujairah Energy Data Committee, or FEDCom.
Stocks of middle distillates fell by almost 14 percent to 2.217 million barrels.
Gasoil cargoes from the Gulf were headed to Singapore due to a closed arbitrage to the west, S&P Global Platts Analytics said in a report.
Asia’s gasoil market was largely balanced, between spot demand and ongoing refinery turnarounds providing underlying support, it added.
Stocks of light distillates rose by 6.9 per cent week on week to 8.193 million barrels. Inventories for this category in March 2018 have averaged 30 percent higher than the same month last year, which is indicative of ample supply in the region, Platts Analytics said.
Stocks of heavy distillates and residues fell by 3.2 per cent week on week to 7.149 million barrels. Premiums for the benchmark Arab Gulf 180 CST FOB cargoes fell to $7/mt on Tuesday from a four-month high of $10/mt a week ago. This was in line with a weakening market in Singapore, where cash premiums and swaps time spreads are both negative.
WAM/Esraa Ismail/Hassan Bashir