ARA fuel oil stocks jump 16%
The ARA’s independently held fuel oil stocks have surged 16% in November till date, according to Insights Global data.
Changes in monthly average ARA stocks from October to November (so far):
- Fuel oil stocks up 920,000 bbls to 6.8 million bbls
- Gasoil stocks up 50,000 bbls to 16.82 million bbls
Fuel oil stocks have increased considerably from last month, when the lowest monthly average of the year was recorded.
The region imported 173,000 b/d of fuel oil in November so far, increasing from the 127,000 b/d imported in October, according to cargo tracker Vortexa. United States (19%), Ireland (13%) and France (12%) have been the top suppliers this month.
Meanwhile, the ARA exported 165,000 b/d of fuel oil in November, down from the 208,000 b/d shipped in October. Most cargoes departed for Spain (36%), the U.S. (27%), and Singapore (17%).
Meanwhile, the region’s independent gasoil inventories - which include diesel and heating oil – remained largely stable in November so far, compared to October, according to the Insights Global data.
The ARA imported 297,000 b/d of gasoil in November till date, up from the 259,000 b/d received in October, according to Vortexa data.
The U.S. was the region’s top supplier in November, making up around 45% of the cargoes, followed by Qatar and U.A.E. (16% each).
Fuel availability has improved slightly in the ARA bunkering hub, but prompt supplies remain tight for all fuel grades. Buyers are advised to book around 5-7 days ahead to get competitive offers from a wider selection of suppliers, a trader told ENGINE.
By Nachiket Tekawade
Please get in touch with comments or additional info to news@engine.online
