ARA fuel oil stocks jump 15% in November
The ARA’s independently held fuel oil stocks surged 15% in November, according to Insights Global data.
Changes in monthly average ARA stocks from October to November:
- Fuel oil stocks up 860,000 bbls to 6.74 million bbls
- Gasoil stocks down 470,000 bbls to 16.29 million bbls
Fuel oil stocks posted their largest monthly average increase so far this year. Last month’s stocks had marked the lowest monthly average of the year.
The region imported 133,000 b/d of fuel oil in November, nearly matching October’s 127,000 b/d, according to cargo tracker Vortexa. The largest volumes came from the UK (17%), Poland (16%), France (14%) and the US (12%).
The ARA exported 228,000 b/d of fuel oil in November, up slightly from the 208,000 b/d shipped in October. Most shipments have left for Spain (25%), Algeria (11%), Singapore (11%) and Norway (8%).
The region’s independent gasoil inventories - which include diesel and heating oil – dropped 3% in November, compared to October, according to the Insights Global data.
The ARA has imported 242,000 b/d of gasoil, inching down from the 259,000 b/d in October, according to Vortexa data. Top suppliers included Qatar, India (19%), Oman (16%) and the US (11%).
Bunker fuel availability remains tight for prompt supply of HSFO, VLSFO and LSMGO fuel grades, with buyers enquiring around 5-7 days ahead to get more competitive offers from a wider selection of suppliers.
By Nachiket Tekawade
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