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Sinagpore / WAM
Total refined oil product stocks at the Port of Fujairah stood at 15.09 million barrels in the week to November 13, down 0.9% week on week, according to data from the Fujairah Energy Data Committee (FEDCom).
Total stock levels fell to a new record low for a third week in a row, about 23% lower than the average of 19.6 million barrels seen since the beginning of the year, S&P Global Platts Analytics said in a report. Stocks of light distillates fell by 4% week on week to 4.649 million barrels. Healthy demand in the East of Suez continues to draw barrels from Europe, according to Platts Analytics.
Stocks of middle distillates rebounded from last week’s record low, rising 21.6% week on week to 2.121 million barrels. The gasoil market continues to look weak amid rising supply and a closed
arbitrage window to Europe.