ARA fuel oil stocks down 19%

The ARA’s independently held fuel oil stocks have slumped 19% in March till date, according to Insights Global data.

Changes in monthly average ARA stocks from February to March thus far:

• Fuel oil stocks down 1.25 million bbls to 5.22 million bbls
• Gasoil stocks down 70,000 bbls to 16.34 million bbls

At 5.22 million bbls, the region’s fuel oil stocks are at their lowest average since January 2022.

The region has imported around 222,000 b/d of fuel oil so far in March, an increase from the 192,000 b/d imported in February, according to cargo tracker Vortexa.

A large share of the supplies has arrived from France (39%), Poland (34%) and the U.K. (21%).

The ARA has exported 283,000 b/d of fuel oil in March so far, higher than the 204,000 b/d shipped in February. A majority of the cargoes have departed for Singapore (27%), Spain (21%) and Panama (11%).

The region’s independent gasoil inventories - which include diesel and heating oil – have fallen by 70,000 in March so far, compared to February.

The ARA imported 253,000 b/d of gasoil in March so far, down from the 304,000 b/d imported in February, according to Vortexa data. Kuwait has sent around 47% of the shipments, while cargoes have also arrived from Saudi Arabia (21%) and the U.S. (14%).

All fuel grades are seeing high demand in the ARA hub and buyers are advised to enquire about stems as early as possible, according to a supplier.

By Nachiket Tekawade

Please get in touch with comments or additional info to news@engine.online