S&P Global’s Post

Fujairah Data: Oil product stocks drop to nine-month low Stockpiles of oil products at the UAE’s Port of Fujairah dropped to a nine-month low as of July 1, with heavy distillates used for power generation and ship fuel at

Oil product inventories in the UAE port of Fujairah rose slightly over the past week, reaching 15 million barrels after having dived down to their lowest levels since early 2020. Regardless of this recent small uptick, total stockpiles have contracted by 13% compared to where they were this time last year. Middle dist.: rebounded sharply due to increasing calls for jet fuel and diesel, growing 54% amid high fluctuations as the prior week had witnessed a 51% fall. Light dist.: climbed to a two-week high of 5.2 million barrels as gasoline and naphtha stockpiles oscillated strongly, rising 11% from their position. Heavy dist. and residues: reserves continued contracting, shrinking another 11% to just 7.5 million barrels - a level not seen since late 2021 - as they are employed for energy generation and marine transportation. Bunker Fuel Market Developments: Both low and high-sulfur bunker demand strengthened as ship operators took advantage of lower pricing.

#OilProduct stockpiles at the UAE's Port of Fujairah reached their highest since early June, amid patchy demand for bunker #fuel and middle distillates as well as limited #gasoline exports, according to Fujairah Oil Industry Zone data. Total inventories rose 9.3% in the week ended July 15 to 20.02 million barrels, the data published July 17 showed. The stocks are almost at their latest high of 20.73 million barrels on June 10 and approaching their five-year average of 20.07 million barrels. Read S&P Global Commodity Insights article: https://okt.to/qT3KZl

In our latest analysis, we explore how the recent rise in oil prices is influencing the bitumen market. Key factors include: 🔹 Significant Drop in U.S. Inventories: The American Petroleum Institute reported a much larger-than-expected reduction in U.S. oil inventories, indicating tighter supply and driving up prices. 🔹 Global Economic Signals: Positive remarks from Federal Reserve Chair Jerome Powell and China's massive 1 trillion yuan bond issuance have bolstered market strength. 🔹 Canadian Wildfires: Devastating wildfires near Fort McMurray, a major oil sands city, are threatening supply disruptions, further tightening the North American market. 🔹 Inflation Concerns: Despite these bullish factors, fears of persistent U.S. inflation and potential high interest rates could temper demand and economic growth, impacting the bitumen market. 🎬 Watch our video for a comprehensive overview! Salar Sabbagh Bitumen manufacturer and exporter based in Dubai Sara Khademian Neda Samsami Neda Sharifnia Mohammad Farbakhsh Whatsapp: https://lnkd.in/dwyHdvxm Website: https://lnkd.in/ejaAjB9Y #bitumen #Bitumen_market_price #Asphalt #bitumen_EconomicTrends #oil_price #iranian_bitumen #bitumen_supplier

What will UAE petrol prices look like next month? It’s that time of the month when I often get asked, "So Stan, what will UAE petrol prices do next month? Should I fill up now or wait?" Usually, you’d hear me mumble something undecipherable and shift the conversation. But this month, I’m putting my neck on the line. While there aren't enough caveats I can insert here, based on how international gasoline prices have fared, I’d say we could be looking at a 4-5% increase from last month. "But wait! Crude prices have risen by more than that, you buffoon!" And yes, you'd be right. However, gasoline refining margins haven’t increased linearly, leading to a disparity between rising crude prices and gasoline prices. Diesel? Now, diesel is a different story. Current data suggests we could be looking at a 7-8% increase in diesel prices next month. Gasoil refining margins are doing rather nicely. Like I said, don’t shoot the messenger. With inflation sticky and people watching their spending ever more closely, it’s always nice to have a bit of foresight, isn’t it? Just don’t shout at me if I’m wrong. (The opinion shared in this post is entirely that of the author. Nobody else would be as foolish to predict prices. That would be stupid). #uaepetrolprices #fuelprices #oilmarkets #oilandgas #uae

The United Arab Emirates are redirecting a portion of their oil exports to the domestic market.This concerns the medium-sour crude oil grade Upper Zakum. According to traders' estimates, in March, only 650,000 barrels per day were shipped from the UAE, while the average export volume had never fallen below 940,000 barrels per day.This change is associated with the reorientation of this grade of oil to the Ruwais refinery, with a capacity estimated at 840,000 barrels per day. ADNOC invested at least $3.4 billion in this refinery, and now, after completion of the upgrades, the refinery is ready to accept a larger volume of crude.However, the benefit for the UAE in this reorientation is not only that the refinery can operate at full capacity. By reducing the export of one grade of oil, the UAE will fulfill its commitments under the approved OPEC quotas. Another, more expensive grade from the UAE, Murban, will take the place of the "cheaper" Upper Zakum.

Oil prices dropped over 1.5% on Monday, falling more than $1 per barrel, following disappointing inflation data from China. #ChinaEconomy #Commodities #GlobalMarkets Click here to read more 👉 https://lnkd.in/deny3nYv Port of Fujairah ADNOC Group Vitol ENOC S&P Global Commodity Insights MENA Terminals Fujairah aramco Kpler #Oilandgas #OPEC #FED #Economy #markets

The prices of petrol and diesel in the UAE will increase next month, it has been announced. Prices rose in February after dropping in November, December and January, reflecting the trend in the global oil market. Here is how much fuel will cost in March. #uae #emirates #petroleum #oil #economy

UAE petrol prices drop in October: Here’s how much it will cost to get a full tank Prices dipped by as much as 24 fils per litre, compared to rates in September The UAE on Monday (September 30) announced the fuel prices for the month of October 2024. The approved fuel prices by the Ministry of Energy are determined every month, according to the average global price of oil, whether up or down, after adding the operating costs of distribution companies. The Fuel Prices Monitoring Committee decreased the rates by as much as 24 fils per litre, compared to prices in September. The new rates will apply from October 1 and are as follows: Category Price/litre (Oct.) Price per litre (Sept) Difference Super 98 petrol Dh2.66 Dh2.90 Dh0.24 Special 95 petrol Dh2.54 Dh2.78 Dh0.24 E-plus 91 petrol Dh2.47 Dh2.71 Dh0.24 Depending on the type of vehicle you drive, getting a full tank of petrol in October will cost you between Dh12.24 and Dh17.76 lesser than last month. Credit: @khaleejtimes

UAE Petrol Prices Hit Lowest Level