Independently-held oil products stocks in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub in northwest Europe inched higher in the week to 6 March, according to Insights Global. Both regional and export demand remained low, while more imports arrived.

Naphtha stocks fell most on the week, on the back of higher blending activity and strong demand from the petrochemical sector, according to Insights Global. Petrochemical demand put a strain on physical naphtha supply in recent weeks, increasing backwardation in March, the highest since March 2022. Naphtha cargoes arrived in ARA from Algeria, Norway, Portugal and Spain, while none left.

Independently-held gasoline stocks rose in the week. Exports into west Africa were lower in the week, falling, according to Vortexa. Northwest European demand showed some strength, as more gasoline was rerouted towards France’s Atlantic shore after TotalEnergies confirmed its Donges refinery has stopped all operations on 4 March. Elsewhere in the region demand remained little changed on the week. Higher gasoline blending activity was seen during the week, as the consultancy noted a higher volume of gasoline being traded in the physical window during the week.

Jet stocks rose as the market showed signs of oversupply on the week. Jet fuel premiums against Ice March gasoil futures fell in the week to 6 March. Jet fuel cargoes are also harder to secure now, with market participants noting that most jet storage tanks are now taken.

Gasoil stocks inched lower on the week. Northwest European demand remained low, mainly driven lower by weak German demand, while more cargoes were re-routed into France’s Atlantic coast. Higher flows were also seen going into the Mediterranean, in response to ongoing refinery maintenance in the region.

Fuel oil stocks increased. Traders typically have to put their oil products into storage before they are loaded onto tankers. State-controlled Saudi Aramco’s trading arm ATC has sharply increased purchases of high-sulphur fuel oil (HSFO) in northwest Europe this year, including an unusually high amount in the first few days of March.

By Mykyta Hryshchuk