ARA fuel oil stocks rise 7% in October so far
The ARA’s independently held fuel oil stocks have averaged 7% higher in October so far, compared to September’s monthly average, according to Insights Global data. Changes in monthly average ARA stocks from September to October (so far): • Fuel oil stocks up 377,000 bbls to 5.85 million bbls • Gasoil stocks up 744,000 bbls to ...
In October, the ARA's independently held fuel oil stocks have risen by 7% compared to September, according to Insights Global data. Fuel oil stocks have increased by 377,000 barrels to reach a total of 5.85 million barrels, while gasoil stocks have climbed by 744,000 barrels to stand at 13.33 million barrels. These changes mark a 62% rise in fuel oil stocks since May, when they hit a decade-long low.
Notably, inventories are currently 9% below February levels, preceding the conflict between Israel and Iran. The gasoil inventories in the region, including diesel and heating oil, have grown by 6% in October thus far, compared to September. A trader noted that prompt supply is currently tight in ARA ports, advising buyers to expect lead times of 5-7 days to secure competitive offers from a variety of suppliers.
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