The ARA’s independently held fuel oil stocks have averaged 6% higher so far in May than last month, according to Insights Global data.

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

• Fuel oil stocks up 386,000 bbls to 7.40 million bbls
• Gasoil stocks down 425,000 bbls to 16.67 million bbls

At 7.40 million bbls, the region’s fuel oil stocks have increased on a monthly average basis for the first time this year.

The region has imported 164,000 b/d of fuel oil in May so far, down compared to April’s 198,000 b/d, according to data from cargo tracker Vortexa. 

The UAE has emerged as the region’s topmost import source, making up 39% of the total share. Other import sources include Turkey (16%) and Poland (15%).

The ARA hub has exported 186,000 b/d of fuel oil this month so far, less than the 212,000 b/d of fuel oil exported across April. Fuel oil cargoes have departed for Spain (58%), the US (36%) and the UK (11%).

The region’s independent gasoil inventories - which include diesel and heating oil – have averaged 3% lower than in April. The ARA hub has imported a total of 347,000 b/d this month, a slight decrease from last month’s 358,000 b/d in April, according to Vortexa data.

At 70%, Saudi Arabia is the region's top import source for gasoil and diesel. Cargoes have also arrived from the US (18%) and Finland (4%).

The ARA hub has exported 266,000 b/d of gasoil and diesel thus. The UK (18%), France (16%) and Germany (14%) are the top destinations for cargoes.

By Samantha Shaji

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