ARA fuel oil stocks rise 7% in October so far

The ARA’s independently held fuel oil stocks have averaged 7% higher in October so far, compared to September’s monthly average, according to Insights Global data.

Changes in monthly average ARA stocks from September to October (so far):

• Fuel oil stocks up 377,000 bbls to 5.85 million bbls
• Gasoil stocks up 744,000 bbls to 13.33 million bbls

Fuel oil stocks have increased by 62% from May, when they hit their lowest level in more than a decade. However, 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 gained 6% in October so far, compared to September, according to the Insights Global data.

Prompt supply is tight in the ARA ports, a trader said, and buyers should allow lead times of 5-7 days to get competitive offers from a wide selection of suppliers, a trader told ENGINE.

By Nachiket Tekawade

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