ARA fuel oil stocks decline by 17% in April
The ARA’s independently held fuel oil stocks have fallen by 17% 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 850,000 bbls to 4.31 million bbls
- Gasoil stocks down 970,000 bbls to 15.16 million bbls
At 4.31 million barrels, the region’s fuel oil stocks are below their five-year average.
The ARA hub has imported 241,000 b/d of fuel oil in April thus far, up from March’s 207,000 b/d, according to data from cargo tracker Vortexa.
Most supplies have arrived from Venezuela (18%), Sweden (17%) and Mexico (12%).
The region has exported 175,000 b/d of fuel oil so far this month, down from 184,000 b/d in March.
Most fuel oil cargoes have departed for Singapore (37%), followed by the US and the Bahamas (11% each).
The region’s independent gasoil inventories - which include diesel and heating oil – have decreased by 6% this month, compared to March. The ARA hub has imported 179,000 b/d of gasoil in April so far, a significant decrease from 291,000 b/d in March, Vortexa data showed.
Saudi Arabia has emerged as the top source of gasoil and diesel imports, accounting for 24% of total imports. Cargoes have also arrived from Qatar (18%) and the US (17%).
Bunker supplies are stable in the ARA hub, 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 Samantha Shaji
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