ARA fuel oil stocks decline by 14% in April
The ARA’s independently held fuel oil stocks have dropped by 14% in April so far, according to Insights Global data.
Changes in monthly average ARA stocks from March to April (so far):
- Fuel oil stocks down 710,000 bbls to 4.44 million bbls
- Gasoil stocks down 1.37 million bbls to 14.76 million bbls
The ARA hub has imported 276,000 b/d of fuel oil in April thus far, rising from March’s 207,000 b/d, according to data from cargo tracker Vortexa.
Most cargoes arrived from Denmark (16%), Mexico (12%) and Venezuela (11%).
The region has exported 172,000 b/d of fuel oil so far this month, down from 184,000 b/d in March.
Majority of the fuel oil cargoes have been shipped to the U.S. (27%) and Russia (24%), while South Africa has also taken some cargoes (14%).
The region’s independent gasoil inventories - which include diesel and heating oil – have decreased by 8% this month, compared to March. The ARA hub has imported 172,000 b/d of gasoil in April so far, down considerably from 291,000 b/d in March, Vortexa data showed.
Kuwait (20%), Saudi Arabia and the U.S. (17%), and Qatar (13%) were the top suppliers this month.
The ARA has traditionally received the bulk of its gasoil cargoes from Middle Eastern countries and a full impact of the closure of the Strait of Hormuz is being slowly seen as gasoil stocks drop fast in April. Gasoil inventories dropped just 1% in March.
Bunker availability is stable in the ARA hub so far, according to a trader. Buyers are advised to book stems at least 4-5 days in advance to get competitive offers from a broad selection of suppliers, the trader added.
By Nachiket Tekawade
Please get in touch with comments or additional info to news@engine.online
