Total product inventories inched up by 69K bbl to 22.527MM bbl over the week ending Oct. 24, as can be seen in the following chart. According to data published by S&P Global Commodity Insights and provided by the Fujairah Oil Industry Zone (FOIZ) and the Fujairah Energy Data Committee, the collective stockpile was at a two-week high and was up on the year by 6.817MM bbl—only the 19th year-on-year surplus since Jan. 2021. The data showed that stocks of heavy distillates and residues posted the period's sharper build of 275K bbl to reach a two-week high, and they were 4.639MM bbl higher on the year—the 17th year-on-year surplus after 11 weeks of deficits.
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