The ARA’s independently held fuel oil stocks have declined by 8% so far this month compared to February, according to Insights Global data.

Changes in monthly average ARA stocks from February to March (so far): 

• Fuel oil stocks down 690,000 bbls to 7.67 million bbls
• Gasoil stocks down 1.36 million bbls to 17.76 million bbls

The region has imported 112,000 b/d of fuel oil so far this month, down from 298,000 b/d of fuel oil in February, according to data from cargo tracker Vortexa.  

The United Kingdom (51% of the total) has become the region’s biggest fuel oil import source, followed by the Bahamas (40%) and Poland (9%).

The ARA hub has exported 297,000 b/d of fuel oil so far this month, a sharp increase from 147,000 b/d of fuel oil exported in February. Fuel oil cargoes mostly departed for Singapore (37%), Malta (10%) and the UK (5%).

The region’s independent gasoil inventories - which include diesel and heating oil – have averaged 7% lower so far this month. The ARA hub has imported 146,000 b/d of gasoil and diesel so far this month, registering a decline from 277,000 b/d imported in February, according to Vortexa data.

Greece (26%) has emerged as the region's top import source for gasoil and diesel oil. Cargoes have also arrived from the UK (19%), Spain (16%), Sweden (13%), Germany and the US (6% each).

By Manjula Nair

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