ARA fuel oil stocks rise 6% in November so far

The ARA’s independently held fuel oil stocks have averaged 6% higher in November so far compared with 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 315,000 bbls to 5.90 million bbls
• Gasoil stocks up 148,000 bbls to 13.37 million bbls

Fuel oil stocks have surged by 63% from May, when they hit their lowest level in more than a decade. Inventories are now 9% below February levels, before Israel and the US went to war with Iran.

The region’s independent gasoil inventories - which include diesel and heating oil - have risen by 1% so far in November compared with October, according to the Insights Global data.

Prompt bunker fuel availability remains tight in the ARA ports, with recommended lead times of 5-7 days to get deliveries of all fuel grades, a trader told ENGINE.

By Nachiket Tekawade

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