The ARA’s independently held fuel oil stocks have dropped by 4% 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 290,000 bbls to 7.01 million bbls
• Gasoil stocks down 630,000 bbls to 16.10 million bbls

At 7.01 million bbls, the region’s fuel oil stocks are at their lowest so far this year.

The region has imported 226,000 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. 

The UK has emerged as the region’s top import source, taking up 27% of the total share. Other import sources include Mexico (15%), the US (14%), Russia (13%), France (9%) and Lithuania (7%).

The ARA hub has exported 237,000 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 departed for the US (56%), Turkey (12%), Spain and Singapore (7% each), Guinea (4%) and Finland (2%).

The region’s independent gasoil inventories - which include diesel and heating oil – have averaged 4% lower this month. The ARA hub has imported 227,000 b/d of gasoil and diesel so far this month, illustrating a fall from 346,000 b/d imported in March, according to Vortexa data.

India, at 21%, has become the region's top import source for gasoil and diesel oil. Cargoes have also arrived from Saudi Arabia (17%), France (10%), Nigeria and Germany (9% each) and Russia and the UK (7% each).

By Samantha Shaji

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