The ARA’s independently held fuel oil stocks have dropped by 5% so far this month compared to March, according to Insights Global data.

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

• Fuel oil stocks down 390,000 bbls to 6.91 million bbls
• Gasoil stocks down 780,000 bbls to 15.95 million bbls

The region has imported 201,000 b/d of fuel oil so far this month, an increase from 198,000 b/d of fuel oil in March, according to data from cargo tracker Vortexa.

Mexico (24% of the total) has emerged as the region’s biggest import source. Other import sources include the UK (23%), Denmark (17%), the US (11%), France (10%) and Germany (8%).

The ARA hub has exported 160,000 b/d of fuel oil so far this month, down from 295,000 b/d of fuel oil exported in March. Fuel oil cargoes have mostly departed for the US (43%), Singapore (15%), Spain (14%), the UK (9%), Sweden (4%) and Russia (3%).

The region’s independent gasoil inventories - which include diesel and heating oil – have also averaged 5% lower this month. The ARA hub has imported 181,000 b/d of gasoil and diesel so far this month, marking a steep decline from 346,000 b/d imported in March, according to Vortexa data.

Saudi Arabia (22%) has become the region's top import source for gasoil and diesel oil. Cargoes have also arrived from Germany (18%), the UAE (10%), Qatar, Nigeria and the UK (9% each).

By Shilpa Sharma

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