ARA fuel oil stocks rise 2% in November so far

The ARA's independently held fuel oil stocks have risen by 2% in November so far, compared to the previous month, according to Insights Global data. In November, fuel oil stocks have increased by 88,000 barrels to 5.68 million barrels, while gasoil stocks have risen by 133,000 barrels to 13.36 million barrels. Fuel oil stocks have risen by 57% from their lowest level in over a decade, recorded in May.

However, the ARA hub's inventories are currently 12% below February levels, prior to the conflict between Israel and Iran. So far in November, the ARA hub has imported 49,000 barrels per day of fuel oil, down from October's 183,000 barrels per day. The majority of the imported volumes have come from Mexico (87%), followed by Finland (11%).

In contrast, the region has exported 184,000 barrels per day of fuel oil, up from 125,000 barrels per day in October. The largest export volumes have been sent to Estonia (28%), the UK (11%), and Finland (4%). Meanwhile, the independent gasoil inventories in the region have increased by 1% in November compared to October. In terms of gasoil imports, the region has received 400,000 barrels per day in November so far, up from 257,000 barrels per day in October.

The main suppliers of gasoil have been India (39%), Saudi Arabia (35%), and Canada (12%). Fuel availability in the port area is tight, and buyers are advised to book around 5-7 days ahead to secure more coverage from suppliers.