Oil product stocks at Fujairah jumped nearly 10 per cent in the week to Monday, reaching their highest level in seven months with builds across all product categories.
Total oil stocks were 20.146 million barrels, up 1.8 million barrels from a week earlier, according to the Fujairah Energy Data Committee. The biggest increase was in light distillates, with stocks rising 17.6 per cent to 7.862 million barrels, a 10-week high.
Market fundamentals remained soft in the Asian region, but stronger in the in the Middle East, sources said.
“The [Arabian Gulf] gasoline shortage is starting to become a structural short. We are competing with US buyers for Mediterranean barrels and for Indian barrels we need to compete with Singapore,” one trader said.
Source: Gulf News