The ARA’s independently held fuel oil stocks have averaged 3% lower coming into August than across July, according to Insights Global data.

Changes in monthly average ARA stocks from July to August (so far): 

• Fuel oil stocks down 250,000 bbls to 8.68 million bbls
• Gasoil stocks down 500,000 bbls to 15.32 million bbls

The region has imported 73,000 b/d of fuel oil in August so far, registering a steep decline from 296,000 b/d imported in July, according to data from cargo tracker Vortexa. The ARA has imported low-sulphur fuel oil (LSFO) and HSFO in a 63/37 ratio so far this month, compared to July when the ratio was 50/50.

Germany has emerged as the ARA’s top fuel oil import source in August so far, accounting for 58% of the total imports, followed by Poland (37%) and Finland (5%).

The ARA hub has exported 266,000 b/d of fuel oil so far this month, up from 224,000 b/d of fuel oil exported in July. Fuel oil cargoes have departed for the UK (10%), Germany (9%), Libya and Denmark (4% each).

The ARA hub’s independent gasoil inventories — which include diesel and heating oil — have dropped by 3% so far this month. The region has imported 556,000 b/d of gasoil so far this month, up from 303,000 b/d of gasoil in July, according to Vortexa data.

The UAE has replaced India as the top import source of gasoil and diesel for the ARA hub, accounting for 54% of the region's total imports so far this month. Cargoes have also arrived from India (17%), the US (10%) and the UK (6%). 

By Manjula Nair

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