News 24th May, 2024

ARA fuel oil stocks rise 6% this month

Saudi Arabia

The ARA’s independently held fuel oil stocks have averaged 6% higher so far this month than across April, according to Insights Global data.

Changes in monthly average ARA stocks from April to May (so far): 

  • Fuel oil stocks up 600,000 bbls to 9.97 million bbls  
  • Gasoil stocks up 1.23 million bbls to 17.24 million bbls

The ARA’s fuel oil stocks have grown to their highest monthly level since April 2021. The region has imported 281,000 b/d of fuel oil so far this month, up from 252,000 b/d of fuel oil imported in April, according to data from cargo tracker Vortexa. The ARA has imported low-sulphur fuel oil (LSFO) and HSFO in a 58/42 ratio, with the share of LSFO increasing this month.

The UK and the US have emerged as the ARA's biggest fuel oil import source so far this month, each accounting for 13% of the region’s total imports. Nigeria has ranked second, accounting for 11% of the total imports. Other import sources have been Algeria and Lithuania (10% each).

The ARA hub has exported 168,000 b/d of fuel oil so far this month, down from the 286,000 b/d of fuel oil exported in April. The majority of fuel oil cargoes have departed for the US (17%), Singapore (14%), Egypt (12%), the UK (11%) and Togo (8%). 

The ARA hub’s independent gasoil inventories — which include diesel and heating oil — have increased by 8% so far this month.

Gasoil stocks have risen to their highest levels since May last year. The region has imported 544,000 b/d of gasoil so far this month, up from 358,000 b/d imported in April.

A bulk of gasoil and diesel cargoes have arrived from India – accounting for 31% of the ARA’s total imports so far this month. Cargoes have also come from Saudi Arabia (14%), the UAE (12%), Kuwait (8%) and Turkey (5%).

By Manjula Nair

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