Fujairah oil product stocks rise 8% on signs of weakening demand

 Oil product stocks in the Middle Eastern hub of Fujairah rose 8% week on week to 23.302 million barrels on Monday, with all categories showing increases as efforts to contain the coronavirus, or COVID-19, took hold, according to data released Wednesday by the Fujairah Oil Industry Zone.

The biggest jump was in middle distillate stocks, which climbed 23% to 3.071 million barrels, the highest in three weeks. The category includes jet fuel, which has been hit hard by coronavirus as many governments impose travel restrictions and lockdowns for entire countries to try to contain the virus. The category also includes kerosene, gasoil, diesel and marine bunker gasoil.

Light distillate stocks climbed 5% week on week to 7.065 million barrels, a two-week high. The category includes gasoline, gasoline blending components and naphtha and other light petrochemical feedstocks and condensates.

Stocks of heavy distillates and residue rose 7% to 13.166 million barrels, also a two-week high. The category includes fuel oil and other heavy fuels used for marine bunkers and power generation.