Track your shipment

Client Testimonials

"We wish to convey our sincere thanks to your organization which has been professionally handling our biz since 2003. We would like to take this opportunity to thank everyone of your staff members who supported and helped us during the hard times and gave us workable solutions and ideas to reach our business objectives. Al Rana Equipment & Machinery Trading Eng. Bassam Nowfat - Managing Director"

Al Rana Equipment & Machinery Trading,
View All

Subscribe To NewsLetter

Stay Updated with the latest news & Events and other activities

Subscribe Me !

News View

Oil product stockpiles at Fujairah port rebound from 13-month low
11/4/2020 12:00:00 AM

Oil product stockpiles at the UAE's Fujairah port rebounded from a 13-month low, with middle distillates expanding to near the record high set in June.

Inventories as of 2nd November were at 20.243 million barrels, up 9.6 percent from a week earlier, according to data released on Wednesday from the Fujairah Oil Industry Zone.
Stocks of jet fuel, diesel and other middle distillates climbed 26 percent on the week to 5.447 million barrels, the highest since 15th June and close to the record 5.997 million barrels set on 1st June, according to the data provided exclusively to S&P Global Platts.
Stockpiles of light distillates such as gasoline also jumped 26 percent to 5.303 million barrels, after hitting a record low on 26th October.
Heavy distillates and residues such as marine bunkers and fuel for power generation declined 5 percent on the week to 9.493 million barrels.
Middle distillates stockpiles have ballooned 46 percent this year as the coronavirus pandemic crippled demand for jet fuel, the worst hit transportation fuel from travel restrictions. Lockdowns recently called in France, Germany and England will likely take a toll on European gasoil demand, Platts reported today in a separate note.
Light distillates are up 11 percent this year and heavy distillates are down 5.8 percent, leaving the total inventories up 9 percent for 2020 so far. Total stockpiles on 26th October were only 18.465 million barrels, the lowest since September 2019.
Volatility in marine bunker prices led to more buying interest from shipowners, Platts reported, adding that Fujairah-delivered marine fuel with 0.5 percent sulfur was at $325/mt on Nov. 3, $8/mt lower than in Singapore.
Source: Zawya