ARA fuel oil stocks gain 9% in July so far
The ARA’s independently held fuel oil stocks have averaged 9% higher so far in July, compared to June’s monthly average, according to Insights Global data.
Changes in monthly average ARA stocks from June to July (so far):
- Fuel oil stocks up 360,000 bbls to 4.44 million bbls
- Gasoil stocks down 60,000 bbls to 13.48 million bbls
Fuel oil stocks have rebounded by around 20% from May, when they fell to their lowest level in more than a decade. However, inventories remain 31% below February levels, the month before the conflict broke out in the Middle East.
The ARA hub has imported only 175,000 b/d of fuel oil in July so far, down from June’s monthly average of 215,000 b/d, according to Vortexa cargo data.
Most import cargoes have come from Colombia (33%), the Caribbean Netherlands (28%) and France (24%).
The region has exported 200,000 b/d of fuel oil in early July, up from June’s 172,000 b/d. Most cargoes have left for Spain (38%), Singapore (36%) and Mauritania (13%).
The region’s independent gasoil inventories - which include diesel and heating oil – have dropped by 60,000 bbls in July, compared to June, according to the Insights Global data. Gasoil inventories are at their lowest level in around two and a half years.
The region has imported 84,000 b/d of gasoil in July so far, down from 188,000 b/d imported in June, according to Vortexa data. Most of these shipments have come from Canada (24%), the US (20%) and Finland (15%).
Bunker fuel availability is tight for prompt supplies in the ARA hub, with recommended lead times of around 5-7 days for all fuel grades, a trader said.
By Nachiket Tekawade
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