FUJAIRAH DATA: Oil product stocks dip just 0.2%, as year-end trading slows
Oil product inventories at the UAE port of Fujairah remained relatively stable in the week to Dec. 28, drawing just 53,000 barrels, or 0.2%, from the previous week, the latest data from the Fujairah Oil Industry Zone showed.
Builds in light distillates and heavy residues offset a draw in middle distillate volumes, with total stock levels standing at 23.595 million barrels, according to the data provided exclusively to S&P Global Platts.
Light distillate stocks increased 295,000 barrels, up 4.2% week on week, and now total 7.350 million barrels.
Market sources said gasoline trading East of Suez was steady to slightly weaker, with stable fundamentals going into year-end. Traders told Platts they expect Chinese exports to remain strong in January and are hoping that demand from buyers in Australia and Malaysia will rebound with an uptick in domestic driving activity.
Asia distillates-gasoil cracks dip amid concerns over ample supplies
12/30/2020
SINGAPORE, Dec 30 (Reuters) - Asian refining margins for 10-ppm gasoil slipped on Wednesday, weighed down by concerns that near-term supplies on the back of high regional refinery runs would weaken market fundamentals.
Although gasoil demand has improved in recent weeks, renewed lockdown measures in several markets to contain a new variant of the coronavirus are expected to dampen the pace of recovery in coming weeks, market watchers said.
Refining margins, also known as cracks, for 10-ppm gasoil were at $6.21 a barrel over Dubai crude during Asian trading hours, down from $6.53 per barrel a day earlier.
Fujairah oil products stocks dip just 0.2%, as year-end trading slows
FUJAIRAH, 30th December 2020 (WAM/ S&P Global Platts) Oil product inventories at the UAE port of Fujairah remained relatively stable in the week to Dec. 28, drawing just 53,000 barrels, or 0.2%, from the previous week, the latest data from the Fujairah Oil Industry Zone showed.
Builds in light distillates and heavy residues offset a draw in middle distillate volumes, with total stock levels standing at 23.595 million barrels, according to the data provided exclusively to S&P Global Platts.
Light distillate stocks increased 295,000 barrels, up 4.2% week on week, and now total 7.350 million barrels.
Fujairah to get fourth refinery in 2021
LONDON, December 24, 2020 Fujairah s fourth refinery should come online in 2021 as Brooge Energy expects its 25,000 barrels per day (b/d) refinery producing low sulfur fuel oil to be launched in the second half of the year, said S&P Global Platts. The port s third refinery was started in April 2020, a 15,000 b/d plant owned by Ecomar Energy Solutions. Its capacity has since been expanded to 20,000 b/d, with plans to hit 60,000 b/d by 2023. We see the future as looking pretty good, Ecomar s trading director Leigh Shaddick said in an interview. We are able to be nimbler than the big oil companies. The UAE has done a fantastic job managing Covid-19. The Port of Fujairah has done a great job. The infrastructure is there and there have been no delays in vessels coming in or leaving the port.