Oil Stocks Witness 9-Month Lows Wiping Off 2020 Gains

  • Fujairah stockpiles on the UAE’s East Coast tumbled to a nine-month low wiping out gains for the year.
  • Stockpiles have dropped for a record seven weeks in a row and have declined a whopping 36% since the record high of 30.71 million barrels.
  • Exports of heavy distillates from Fujairah in the week started October 5 soared to 3.39 million barrels.
  • Middle distillates stocks, including jet fuel and gasoil, jumped 15% in the week ended October 12 to 4.435 million barrels, a three-week high.
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