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Fujairah / WAM
Total oil product stocks in Fujairah stood at 18.134 million barrels, down 2.6 percent or 486,000 barrels from a week earlier, following a sharp draw in middle distillates stocks, according to the latest data from the Fujairah Energy Data Committee, or FEDCom.
Stocks of middle distillates were down by more than a quarter to 2.119 million barrels, the data showed.
The Middle East gasoil market is currently seen as balanced to oversupplied, but the impending turnaround season at regional refineries has kept a lid on surplus barrels, keeping supply relatively balanced, S&P Global Platts Analytics said in a report.
In addition, participants said they expect demand to gain momentum in the coming weeks.
At the same time, sentiment in the jet fuel market has been stronger, driven by supply tightness for prompt barrels as a result of ongoing refinery turnarounds. Still-workable arbitrage economics are pushing jet fuel barrels from the Middle East and India to Europe, as well as from South Korea to the US west coast, Platts Analytics said.