The ARA’s independently held fuel oil stocks are down by 13% 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 1.05 million bbls to 7.31 million bbls
• Gasoil stocks down 2.4 million bbls to 16.73 million bbls

At 7.31 million barrels, the region’s fuel oil stocks are at their lowest so far this year.

The region has imported 185,000 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 ARA has imported low sulphur fuel oil (LSFO) and HSFO in a 46/54 ratio so far this month, similar to February’s 45/55 ratio, which was also tilted towards HSFO.

Mexico (22% of the total) has emerged as the region’s topmost import source. Other import sources include the UK (14%), Poland (11%), France (10%), Lithuania and the US (8% each), and Estonia (7%). 

The ARA hub has exported 264,000 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 Guyana (25%), Spain (16%), the US (14%), the UAE (9%), and Malta and the UK (6% each).

The region’s independent gasoil inventories - which include diesel and heating oil – have averaged 13% lower so far this month. The ARA hub has imported 275,000 b/d of gasoil and diesel so far this month, marking a marginal decline from 277,000 b/d imported in February, according to Vortexa data.

India (35%) has become the region's top export source for gasoil and diesel oil so far this month. Cargoes have also arrived from Oman (13%), Saudi Arabia (9%), Qatar (8%), France (7%), and the US and the UK (5% each).

By Manjula Nair

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