The ARA’s independently held fuel oil stocks have averaged 8% lower so far in July than across June, according to Insights Global data.

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

• Fuel oil stocks down 810,000 bbls to 8.93 million bbls
• Gasoil stocks down 920,000 bbls to 15.82 million bbls

The region has imported 272,000 b/d of fuel oil so far this month, up from 235,000 b/d of fuel oil imported in June, according to data from cargo tracker Vortexa. The ARA imported low-sulphur fuel oil (LSFO) and HSFO in a 39/61 ratio so far this month, compared to June when the ratio was tilted towards LSFO at 65/35. 

The UK has retained its position as the ARA’s top fuel oil import source, accounting for 16% of the region's total imports. Mexico has also retained its spot as the second major fuel oil import source, accounting for 14% of the total imports. Other import sources include Denmark (13%), Lithuania (9%) and Germany (8%).

The ARA hub has exported 268,000 b/d of fuel oil this month, up from 152,000 b/d of fuel oil exported in June. Fuel oil cargoes have departed for the US (38%), Togo and Malaysia (14% each), Spain (7%) and Senegal (6%).

The ARA hub’s independent gasoil inventories — which include diesel and heating oil — have decreased by 5% so far this month. The region has imported 312,000 b/d of gasoil so far this month, down from 356,000 b/d imported in June, according to Vortexa data.

A bulk of gasoil and diesel cargoes have arrived from India – accounting for 29% of the ARA’s total imports so far this month. Cargoes have also arrived from the US (18%), the UAE (5%), and Turkey, Finland and Denmark (4% each).

By Manjula Nair

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