Stockpiles of oil products at the UAE’s Port of Fujairah decreased by 7.7% in the week ending Dec. 25, reaching a total volume of 17.336 million barrels. The decline was noted across various distillate categories: light distillates fell 7.8%, middle distillates rose 4.1%, and heavy distillates dropped 10.1%. The reduction in heavy distillates, including fuel oil for shipping and power generation, coincided with lower fuel oil exports from Fujairah in the same period. The uncertainty surrounding the export plans of Kuwait's Al-Zour refinery contributed to higher values for 0.5% sulfur fuel oil in December. Additionally, low sulfur fuel oil inventories declined as buyers sought forward bunker requirements ahead of year-end holidays, supporting downstream premiums.

SOURCE:GOOGLE