The ARA’s independently held fuel oil stocks have dipped by 3% so far this month compared to October, according to Insights Global data.

Changes in monthly average ARA stocks from October to November (so far): 

• Fuel oil stocks down 244,000 bbls to 7.91 million bbls
• Gasoil stocks down 385,000 bbls to 16.78 million bbls

The region has imported 333,000 b/d of fuel oil so far this month, up from 262,000 b/d imported in October, according to data from cargo tracker Vortexa. The ARA has imported low-sulphur fuel oil (LSFO) and HSFO in a 31/69 ratio in November so far, compared to a 45/55 ratio in October.

Kuwait (14% of the total) has emerged as the region’s biggest fuel oil import source so far this month. The UK, Iraq and France (11% each) have ranked second, while Sweden (10%) has ranked third. Other import sources include the US (9%).

The ARA hub has exported 211,000 b/d of fuel oil so far this month, a significant increase from 122,000 b/d of fuel oil exported in October. Fuel oil cargoes have mostly departed for Angola (16%), the US (14%), Spain (12%), Saudi Arabia (11%), Guyana (9%) and Turkey (6%).

The ARA hub’s independent gasoil inventories - which include diesel and heating oil - have decreased by 2% so far this month. The region has imported 405,000 b/d of gasoil so far this month, a slight decline from 411,000 b/d of gasoil imported in October, according to Vortexa data.

India (18% of the total) has become the region's topmost import source of gasoil and diesel oil this month. Cargoes have also arrived from Kuwait and the UAE (14% each), Qatar and the UK (7% each), and the US (6%).

By Manjula Nair

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