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UAE's Fujairah Oil Product Inventories Surge Record 59% to Five-Month High

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Oil product inventories in the UAE's Fujairah rose by a record 59% during the week ended Sept. 21, hitting a five-month high, according to a report S&P Global, citing data from the Fujairah Oil Industry Zone, published on Wednesday.

Total inventories rose to 10.3 million barrels, the highest since April 6, with the weekly surge beating the previous record gain of 55% just two weeks prior.

Stocks of heavy distillates, used for power generation and as ship fuel, jumped 97% to 5.6 million barrels, hitting a two-week high.

Middle distillate inventories, including jet fuel and diesel, rose 23% to 2.603 million barrels, their highest level in six months, while light distillate stocks, including gasoline and naphtha, increased 39% to 2.093 million barrels, a three-month high.

The Fujairah-delivered marine fuel saw its premium over the Singapore benchmark rise 16% week-over-week to $186.35 per metric ton as of Sept. 22, amid ongoing supply constraints.

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Oil & Energy

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Oil & Energy

Update: Market Chatter: Abu Dhabi's XRG Weighs LNG Canada Investment, Approaches Project Backers

(Updates with company responses in paragraphs 3-4.)Abu Dhabi's XRG is looking to expand its position in liquefied natural gas by considering a possible investment in the Shell-led (SHEL) LNG Canada project, Bloomberg reported Tuesday, citing people familiar with the matter.The state-owned group has approached current project investors, including PetroChina, about acquiring part of their interests, although the discussions remain preliminary and may not result in a deal, the report said.LNG Canada toldin an emailed response that it does not comment on the business interests, activities or decisions of individual joint venture participants.Shell declined to comment in response to a request from, while XRG and PetroChina did not immediately reply to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

$SHEL