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UAE fuel prices fall 24 fils in November as Fujairah stocks climb
Light distillates rose 49% week-on-week to 1.942 million barrels, the third consecutive weekly increase from October's record low.
UAE fuel prices fell 24 fils per litre in November as oil product stockpiles at Fujairah rose to a five-week high, according to Fujairah Oil Industry Zone data published 28 October. The price reduction follows a 23 percent increase in total inventory at the storage hub to 8.914 million barrels in the week to 26 October.
Light distillates lead inventory climb#
Light distillates including gasoline and naphtha gained 49 percent week-on-week to 1.942 million barrels, marking the third consecutive weekly increase from the record low of 559,000 barrels recorded 5 October, the FOIZ data showed. Heavy distillates used as ship fuel and for power generation rose 28 percent to 4.717 million barrels, a three-week high. Middle distillates including jet fuel and diesel remained little changed at 2.255 million barrels after reaching 2.774 million barrels on 12 October, the highest level since 23 February.
Marine fuel premium drops to seven-week low#
The Fujairah-delivered marine fuel 0.5 percent sulphur bunker premium over the benchmark Singapore Marine Fuel 0.5 percent sulphur cargo dropped 24 percent to $85.43 per metric ton in the week to 27 October, a seven-week low, according to data from Platts, part of S&P Global Energy. The backwardation structure in fuel oil markets encouraged selling, with ex-wharf cargo costs considered high due to limited resupply options, a trader told Hellenic Shipping News.
Stockpiles remain below pre-conflict levels#
Total oil product inventories at Fujairah remain 57 percent below the 23 February level recorded immediately before the Middle East conflict began, the FOIZ data showed. The November fuel price reduction of 24 fils per litre applies to both petrol and diesel, according to Oil and Gas Middle East, though petrol prices remain above September levels even after the cut.
Sources2 sources across 2 domains
- hellenicshippingnews.comHellenic Shipping NewsFujairah oil product stockpiles rose 23% to 8.914 million barrels in week to 26 October, light distillates up 49% to 1.942 million barrels, marine fuel premium dropped 24% to $85.43/mt
- oilandgasmiddleeast.comOil and Gas Middle EastUAE fuel prices fell 24 fils per litre for November, petrol remains above September levels
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MENA Trade Monitor is published by Arabian Media Network. Pieces are produced by the Chokepoint Watch with AI-assisted synthesis of the cited sources and automated verification against the network's editorial policy. Every piece carries a desk rather than a reporter. Corrections are recorded on the piece and on the corrections page.
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