ARA fuel stocks gain despite higher exports
The ARA’s independently held fuel oil stocks have averaged 14% higher so far this month than across December, according to Insights Global data.
ARA fuel oil and gasoil stocks since January 2020
Changes in monthly average ARA stocks from December to January (so far):
- Fuel oil stocks up 1.11 million bbls to 8.98 million bbls
- Gasoil stocks up 349,000 bbls to 13.66 million bbls
The ARA's fuel oil stocks have risen for the third consecutive month. The region has imported 186,000 b/d of fuel oil so far this month, down from 220,000 b/d imported in December, according to cargo tracker Vortexa.
The UK has been the biggest fuel oil source for the ARA hub, accounting for 22% of the ARA's total imports this month. Poland (14%) ranked second, while Germany (11%) is in third position.
Meanwhile, the ARA hub has exported 304,000 b/d of fuel oil so far this month, significantly up from 194,000 b/d in December. The majority of fuel oil cargoes have departed for the USA (34%), Spain (22%) and Aruba (7%). Besides, the ARA has also exported fuel oil to Singapore (5%) and the UK (3%).
On the other hand, the ARA’s independent gasoil inventories – which include diesel and heating oil – have increased by 3% so far this month. The ARA has imported 433,000 b/d of gasoil so far this month, up from 373,000 b/d imported in December.
The bulk of gasoil cargoes have primarily arrived from India, which accounted for 32% of the ARA's total imports. Gasoil has also been imported from the US (12%), followed by the UK and Germany (7% each) and France (6%), Vortexa data showed.
By Manjula Nair
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