EMEA News
Fujairah: Oil Product Stocks Follow Global Trend
Wednesday April 1, 2020
Oil product stockpiles in the Middle Eastern bunkering hub of Fujairah climbed 8% in March 23-30 compared with the previous week, according to price-reporting agency SP Global Platts.
Citing data from the Fujairah Oil Industry Zone, the report said that bunker fuel stocks jumped to a five-week high.
However, marine and other heavy fuel inventories were below the record 15.425 million barrels reached in November 2019.
Middle distillates stockpiles jumped 24% to 2.304 million barrels after falling 39% in the previous week. Middle distillates include jet fuel, kerosene, gasoil, diesel and marine bunker gasoil.
Analysts estimate that global oil stocks are rising at a rate of 10% a month on the back of covid-19 weakened demand.
