The ARA’s independently held fuel oil stocks have slumped 20% lower in March so far, according to Insights Global data.

Changes in monthly average ARA stocks from February to March so far:
• Fuel oil stocks down 1.29 million bbls to 5.18 million bbls
• Gasoil stocks down 150,000 bbls to 16.11 million bbls

The region has imported around 160,000 b/d of fuel oil so far in March, down from 192,000 b/d imported in February, according to cargo tracker Vortexa.

Most supplies have arrived from Denmark (21%), Poland (14%) and Libya (13%).

The ARA has exported 198,000 b/d of fuel oil this month, down from the 204,000 b/d shipped in February. Cargo volumes have left for South Africa (18%), Bahamas (12%) and Spain (9%).

The region’s independent gasoil inventories – which include diesel and heating oil – have dipped 1% lower in March so far, compared to February.

The ARA has imported 289,000 b/d of gasoil, down from the 304,000 b/d in February, according to Vortexa data. Around 27% of cargo volumes have come from Kuwait, while the US has sent around 24%.

Fuel availability is stable in the ARA bunkering hub, but buyers are recommended to use around 4-5 days of lead time to get good coverage from suppliers, a trader told ENGINE.

Source: ENGINE