The ARA’s independently held fuel oil stocks have fallen by 6% in June so far, according to Insights Global data.

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

• Fuel oil stocks down 430,000 bbls to 6.74 million bbls
• Gasoil stocks down 730,000 bbls to 15.12 million bbls

At 6.74 million barrels, the region’s fuel oil stocks have averaged lower so far in June.

The region has imported 87,000 b/d of fuel oil in June so far, a significant decrease compared to 176,000 b/d imported across May, according to data from cargo tracker Vortexa. 

Poland remains the region’s topmost import source, making up about 30% of the total share. Other import sources include Germany (26%), the UK (22%) and Finland (11%).

The ARA hub has exported 346,000 b/d of fuel oil so far this month, a considerable increase from the 211,000 b/d of fuel oil exported across May. Fuel oil cargoes have mainly departed for Iraq (49%) and the Ivory Coast (13%).

The region’s independent gasoil inventories - which include diesel and heating oil – have dipped by 5% in June thus far, compared to May. The ARA hub has imported a total of 122,000 b/d so far this month, recording a considerable decrease from May’s 315,000 b/d, Vortexa data noted.

The US has emerged as the region's top import source for gasoil and diesel oil, accounting for 45% of the total share. Cargoes have also arrived from the UAE (20%).

The ARA hub continues to see tight prompt availability of all fuel grades with lead times of 7-8 days.

By Samantha Shaji

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