News 12th Apr, 2024

ARA fuel oil drawn 7%, Mexico becomes top import source


The ARA’s independently held fuel oil stocks have averaged 7% lower so far this month than across March, according to Insights Global data.

ARA fuel oil and gasoil stocks since January 2013

Changes in monthly average ARA stocks from March to April: 

  • Fuel oil stocks down 630,000 bbls to 9.05 million bbls  
  • Gasoil stocks up 480,000 bbls to 15.94 million bbls

The region has imported 385,000 b/d of fuel oil so far this month, up from 254,000 b/d in March, according to data from cargo tracker Vortexa. The ARA has imported low-sulphur fuel oil (LSFO) and HSFO in a 28/72 ratio so far this month, unlike in March when the ratio tilted more towards HSFO at 45/55. 

Mexico has emerged as the ARA’s biggest fuel oil import source so far this month, accounting for 25% of the region’s total imports. Lithuania has ranked second, accounting for 16% of the total imports, followed by the UK (13%), the US (10%) and France (8%). 

The ARA hub has exported 427,000 b/d of fuel oil so far this month, up from 307,000 b/d of fuel oil exported in March. The majority of these cargoes have departed for Singapore (19%), Malaysia (15%), the US (8%), the UK (6%) and Denmark (2%).  

The ARA hub’s independent gasoil inventories — which include diesel and heating oil — have increased by 3% so far this month.

The gasoil stocks have risen to their highest levels since June last year. The region has imported 288,000 b/d of gasoil so far this month, down from 373,000 b/d imported in March.

A bulk of gasoil and diesel cargoes have arrived from India – accounting for 41% of the ARA’s total imports so far this month. Cargoes also came in from the US (22%), the UK (13%), Spain (10%) and the UAE (7%).

By Manjula Nair  

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