ARA fuel oil stocks decline by 17% in April
The ARA’s independently held fuel oil stocks have fallen by 17% in April so far, according to Insights Global data.
Changes in monthly average ARA stocks from March to April (so far):
Fuel oil stocks down 850,000 bbls to 4.31 million bbls
Gasoil stocks down 970,000 bbls to 15.16 million bbls
At 4.31 million barrels, the region’s fuel oil stocks are below their five-year average.
The ARA hub has imported 241,000 b/d of fuel oil in April thus far, up from March’s 207,000 b/d, according to data from cargo tracker Vortexa.
Most supplies have arrived from Venezuela (18%), Sweden (17%) and Mexico (12%).
The region has exported 175,000 b/d of fuel oil so far this month, down from 184,000 b/d in March.
Most fuel oil cargoes have departed for Singapore (37%), followed by the US and the Bahamas (11% each).
The region’s independent gasoil inventories – which include diesel and heating oil – have decreased by 6% this month, compared to March. The ARA hub has imported 179,000 b/d of gasoil in April so far, a significant decrease from 291,000 b/d in March, Vortexa data showed.
Saudi Arabia has emerged as the top source of gasoil and diesel imports, accounting for 24% of total imports. Cargoes have also arrived from Qatar (18%) and the US (17%).
Bunker supplies are stable in the ARA hub, according to a trader. Buyers are advised to book stems at least 4-5 days in advance to get competitive offers from a broad selection of suppliers, the trader added.
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