ARA fuel oil stocks drawn further amid lower imports
The ARA’s independently held fuel oil stocks have averaged 5% 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 510,000 bbls to 9.18 million bbls
- Gasoil stocks up 480,000 bbls to 15.94 million bbls
The region has imported 237,000 b/d of fuel oil so far this month, down 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 32/68 ratio so far this month, unlike last month 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 23% of the region’s total imports. Lithuania and the UK have ranked second, each accounting for 15% of the total imports. Other import sources include the US (9%) and France (7%).
The ARA hub has exported 279,000 b/d of fuel oil so far this month, down from 307,000 b/d of fuel oil exported in March. The bulk of fuel oil cargoes have departed for the US (46%), Togo (16%), Spain (15%), Saudi Arabia (9%) and the UK (6%).
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 429,000 b/d of gasoil so far this month, up from 373,000 b/d imported in March.
A majority of gasoil and diesel cargoes have arrived from India – accounting for 30% of the ARA’s total imports so far this month. Cargoes have also come in from Kuwait (14%), Saudi Arabia (12%), Qatar (9%) and the US (8%).
By Manjula Nair
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