FUJAIRAH
Total oil product stocks in Fujairah stood at 19.451 million barrels as of Monday, up 7.3 per cent from a week earlier, reaching a seven-month high on sizeable jumps in light and heavy product levels, according to the latest data from the Fujairah Energy Data Committee, or FEDCom.
Stocks of light distillates jumped 11.3 per cent week on week to 8.224 million barrels, an eight-week high, the data showed.
Premiums for Arab Gulf RON 95 gasoline have been at US$2.75/b since early April, with healthy regional demand in the run-up to Ramadan, which begins mid-May. Kuwait’s KPC is seeking 25,000 mt of 91 RON gasoline for delivery over 5th and 6th May into Mina al-Ahmadi via a tender closing Friday, S&P Global Platts Analytics said in a report Wednesday.
Stocks of heavy distillates and residues also rose by 9.9 per cent week on week to 9.478 million barrels. Pakistan State Oil, PSO, made its first purchase since January, buying 60,000 mt of LSFO and 420,000 mt of HSFO for May delivery via tender. With power demand set to rise over the summer, PSO could continue to be active in the spot market over the next few months until August-September. Higher power demand for utility grade 180 CST fuel oil could provide continued support to an already wide viscosity spread, the report said.
