London, 3 January (Argus) — Oil products held in independent storage tanks in the Amsterdam-Rotterdam-Antwerp (ARA) trading hub today are 5pc up on the week, at 5.47mn t.

Gasoil inventories are broadly stable, falling by 0.7pc to 2.04mn t. Demand from the European hinterland was marginally lower week on week, but seaborne outflows rose and tankers departed for Argentina, the Mediterranean and the UK in the week. Tankers arrived in the ARA from the Baltic region, Canada, Russia and the US.

High volumes of incoming and outgoing fuel oil cargoes ultimately resulted in a 12pc week-on-week rise in inventories to 1.2mn t, with tankers arriving from Canada, Latvia, Poland, Russia and the UK. Tankers departed for the Mideast Gulf, the US, and west Africa, and the Suezmax Stena Superior departed for Singapore on 28 December.

Gasoline stocks have increased by 7.7pc, to 1.37mn t, the highest level recorded since 29 March 2018, amid persistent slow demand from key export markets. Tankers left the area for Latin America and west Africa. Tankers arrived in the ARA area from France, Italy, Norway, Spain and the UK.

Naphtha inventories rose by 23.3pc to 265,000t, supported by the arrival of an LR2 tanker from Algeria and smaller tankers from Denmark, France and the UK. A single tanker departed the region during the reporting period, with Equinor sending a 90,000t cargo to Asia-Pacific likely laden with naphtha from Mongstad and with volumes stored in the ARA area.

Jet fuel stocks slumped to fresh seven month lows, down by 0.5pc on the week. A single tanker departed for the UK.

Rhine barge loadings remained unrestricted, but water levels at Kaub fell by 209cm over the course of the week to reach 181cm today.

Reporter: Tom Warner