ARA fuel oil stocks rose 2% in October
The ARA’s independently held fuel oil stocks averaged 2% higher in October, compared to September’s monthly average, according to Insights Global data.
Changes in monthly average ARA stocks from September to October:
- Fuel oil stocks up 115,000 bbls to 5.59 million bbls
- Gasoil stocks up 638,000 bbls to 13.22 million bbls
Fuel oil stocks increased by 54% from May, when they hit their lowest level in more than a decade. However, inventories were 14% below February levels, before Israel and the US went to war with Iran.
The ARA hub imported 174,000 b/d of fuel oil in October, down from September’s 266,000 b/d, according to Vortexa cargo flows data.
Most cargo volumes came from the US (17%), France (16%) and Syria (13%).
Meanwhile, the region exported 114,000 b/d of fuel oil in October, down from 177,000 b/d in September, mainly for unloading in Spain (26%), Singapore (19%) and the US (9%).
The region’s independent gasoil inventories - which include diesel and heating oil - gained 5% in October, compared to September, according to the Insights Global data.
The region imported 257,000 b/d of gasoil in October, up from 197,000 b/d in September, according to Vortexa data. Most of the volumes arrived from Germany (20%), Saudi Arabia (18%) and India (17%).
Prompt bunker availability is tight in ARA ports, and buyers are advised to allow lead times of 5-7 days to get good coverage, a trader told ENGINE.
By Nachiket Tekawade
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