Gasoline for Ras Tanura: Kpler
Fujairah bunker prices swing to Singapore
Middle distillates at highest since February 21
Petroleum product inventories at the port of Fujairah in the United Arab Emirates fell from a three-month high to May 30 with declines recorded for light distillates and heavy distillates and residues, according to data from the industry zone. Fujairah oil published on June 1.
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Total inventory was 19.678 million barrels as of May 30, down 0.6% from the previous week, according to port data provided exclusively to S&P Global Commodity Insights. Inventories were 3.48% lower than the same period last year.
Inventories of light distillates, including gasoline and naphtha, stood at 6.314 million barrels as of May 30, down 4.3% from the previous week and the first decline in five weeks.
Some 55,500 barrels of gasoline were destined for Saudi Arabia’s Ras Tanura refinery during the week of May 23, the first shipment of gasoline to the country from Fujairah since March 7, Kpler data shows. The Ras Tanura refinery has scheduled maintenance for June, sources told S&P Global, with one source saying one of Ras Tanura’s piers will be under construction for about 10 days from mid-June. Saudi Aramco was not immediately available for comment.
Light distillate inventories have increased by 23.15% over the past year. Stocks of heavy distillates and residues used as fuel for power generation and marine bunkers stood at 10.838 million barrels as of May 30, down 0.6% from the previous week and the third decline in four weeks.
An earlier premium between Singapore and Fujairah bunker prices turned into a discount on May 19 when low sulfur bunker fuel delivered to Fujairah was priced $3/tonne below Singapore at $905 /tonne and continued to gradually increase to $45/tonne on May 27 on the back of supply constraints in Singapore.
Besides transporting fuel, heavy distillates are needed at this time of year as Saudi Arabia seeks to burn fuel oil for power generation as demand for air conditioning increases in the summer. Heavy distillate inventories decreased by 8.69% compared to the same period last year.
Middle distillates climbed 9.9% in the week ended May 30 to 2.526 million barrels, the highest since Feb. 21, port data showed. Inventories, which include jet fuel and diesel, have fallen 25.55% over the past year.