ARA fuel oil stocks surge 17%
The ARA’s independently held fuel oil stocks have swelled by 17% in November to date, according to Insights Global data.
Changes in monthly average ARA stocks from October to November (so far):
- Fuel oil stocks up 980,000 bbls to 6.86 million bbls
- Gasoil stocks down 100,000 bbls to 16.66 million bbls
Fuel oil stocks have grown significantly from a yearly low recorded last month.
The region has imported 157,000 b/d of fuel oil in November so far, up from the 127,000 b/d imported in October, according to cargo tracker Vortexa. France (16%), the US and UK (13% each) have been the top suppliers.
The ARA has exported 259,000 b/d of fuel oil in November, up from the 208,000 b/d shipped in October. Most shipments have left for Spain (26%), the US (10%), Canada (10%) and Portugal (9%).
The region’s independent gasoil inventories - which include diesel and heating oil – have dipped 1% lower this month compared to October, according to the Insights Global data.
The ARA has imported 199,000 b/d of gasoil, down from the 259,000 b/d in October, according to Vortexa data. Most of the volumes have come from India (19%), Qatar (17%) and the UAE (16%).
Prompt bunker availability remains tight in the ARA, with buyers advised to book with lead times ranging between 5-7 days to get competitive offers from a wider selection of suppliers, a trader told ENGINE.
By Nachiket Tekawade
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