The ARA’s independently held fuel oil stocks are down by 11% 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 900,000 bbls to 7.46 million bbls
• Gasoil stocks down 2.09 million bbls to 17.03 million bbls

At 7.46 million barrels, the region’s fuel oil stocks are at their lowest so far this year.

The region has imported 196,000 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.  

Mexico (18% of the total) has emerged as the region’s topmost import source. Other import sources include the UK (17%), Poland and Lithuania (11% each), Germany (10%) and France (9%). 

The ARA hub has exported 205,000 b/d of fuel oil so far this month, an increase from 147,000 b/d of fuel oil exported in February. Fuel oil cargoes mostly departed for the US (24%), Spain (22%), the UAE (16%), Togo and the UK (8% each), and South Africa (7%).

The region’s independent gasoil inventories - which include diesel and heating oil – have averaged 11% lower so far this month. The ARA hub has imported 224,000 b/d of gasoil and diesel so far this month, marking a slight decline from 277,000 b/d imported in February, according to Vortexa data.

Qatar (29%) has become the region's top export source for gasoil and diesel oil. Cargoes have also arrived from the US (11%), France (10%), Saudi Arabia (7%), Finland and the UK (5%).

By Manjula Nair

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