ARA fuel oil stocks rise 2% in November so far
The ARA’s independently held fuel oil stocks have averaged 2% higher in November so far, compared to October’s monthly average, according to Insights Global data.
Changes in monthly average ARA stocks from October to November (so far):
- Fuel oil stocks up 88,000 bbls to 5.68 million bbls
- Gasoil stocks up 133,000 bbls to 13.36 million bbls
Fuel oil stocks have increased by 57% from May, when they hit their lowest level in more than a decade. However, inventories are 12% below February levels, before Israel and the US went to war with Iran.
The ARA hub has imported 49,000 b/d of fuel oil in November so far, down from October’s 183,000 b/d, according to Vortexa cargo flows data.
Most cargo volumes have arrived from Mexico (87%). Significant supplies have also arrived from Finland (11%).
Meanwhile, the region has exported 184,000 b/d of fuel oil so far this month, up from 125,000 b/d in October. The largest volumes were bound for Estonia (28%), the UK (11%) and Finland (4%).
The region’s independent gasoil inventories - which include diesel and heating oil - have gained 1% in November so far, compared to October, according to the Insights Global data.
The region has imported 400,000 b/d of gasoil in November so far, up from 257,000 b/d in October, according to Vortexa data. Most of the volumes have arrived from India (39%), Saudi Arabia (35%) and Canada (12%).
Fuel availability is tight in the port with buyers advised booking around 5-7 days ahead to get more coverage from suppliers, a trader told ENGINE.
By Nachiket Tekawade
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