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London, 21 February (Argus) — Oil product stocks held in independent storage tanks in the Amsterdam-Rotterdam-Antwerp (ARA) trading hub fell to eight-week lows today.

Fuel oil stocks recorded the largest fall in percentage terms as economics to ship European product to the Asia-Pacific region remained viable, according to data from consultancy PJK. The very large crude carrier (VLCC) Xin Lian Yang — chartered by Petroineos — departed Rotterdam on 17 February with 270,000t of fuel oil for Singapore. Trafigura booked the VL Prime that will soon load 270,000t of cracked fuel oil from Rotterdam, with the same destination. ARA fuel oil exports offset import levels from France, Poland, Russia and the UK.

Independent gasoline stocks fell to their lowest since 20 December. Cargoes took some gasoline from the ARA region to the US despite unworkable arbitrage economics. The decline came mostly from exports to Latin America, the Mediterranean, west Africa, east of Suez and Suez for orders.

Product restocking in Germany and Switzerland, declining Rhine water levels and a ban on single-hull barges has limited vessel availability across refined product markets. Consequently, market participants are loading gasoline in Antwerp on cargoes to discharge in the Amsterdam area, where most of the blending activity for the European market takes place.

In the gasoil and naphtha markets, firms are looking to transport product inland before declining Rhine water levels further restrict barge loading.

Inland demand for gasoil was at its highest in over one year, PJK said. This offset high import levels from Russia, the UK and the US. But gasoil inventories remain higher than a year earlier, and at their highest since early November on a four-week rolling average basis.

Trading firms are refilling stocks that Germany’s EBV strategic reserve released when Rhine water levels were low in October. But activity could slow as last week EBV’s diesel stocks were already replenished.

Restocking activity on the jet fuel market has already decreased, with just one barge booked to take product inland this week.

A single cargo arrived into Rotterdam on 18 February with 65,000t of jet fuel from Qatar on the Cielo Di Rotterdam. A smaller vessel arrived into the ARA trading hub from Finland. And a tanker exported product to the UK, where there is firm buying interest to blend jet fuel with diesel to improve cold properties.

Demand to move naphtha inland from the ARA region was strong for stocking ahead of planned petrochemical maintenance from mid-April. Naphtha arrived into the trading-hub from Algeria and from within Europe, while no outgoing cargoes were reported.

Reporter: Rowena Caine

Oil product stocks held in independent storage tanks in the Amsterdam-Rotterdam-Antwerp (ARA) trading hub rose marginally during the past week, prompted by gains in gasoil and fuel oil inventories.

Fuel oil stocks climbed this week on week because of higher imports. The ARA region received fuel oil from Finland, France, Latvia, Poland, Russia, the US and the UK. One tanker left Rotterdam for west Africa with a fuel oil cargo to supply the local bunkering market. Falling freight rates on the Europe to Singapore route boosted demand for very large crude carrier (VLCC) cargoes.

Diesel stocks also rose during the past week. The economics for importing diesel form the Middle East to Europe firmed last week, stimulating flows from the east. Meanwhile, cold weather in the US bolstered demand for diesel, making less material available to be shipped to Europe. It also pushed prices higher, denting the economics for exporting the product.

Gasoline stocks fell during the past week. The northwest European and Mediterranean markets remain well-supplied with gasoline. US gasoline stocks have been rising, dampening demand for European products. The latest report from the EIA showed that stocks on the Atlantic coast — crucial for arbitrage economics between the US and Europe — hit the highest level since February 2017 during the week to 1 February. Likewise, the outlook for exports to the Middle East is bleak, owing to the restart of the 127,000 b/d residual fluid catalytic cracker at the UAE’s Ruwais-2 refinery following a two-year shutdown.

The European naphtha market has also been oversupplied as demand for the product from gasoline blenders has been at a low level because of weak margins. Demand for naphtha from the petrochemicals sector has also been soft as rival feedstock propane has been more competitive. But stocks fell marginally as some product was exported to South Korea.

And jet fuel stocks fell slightly from the prior week as the ARA region exported product to the UK and Ireland, while some jet fuel was imported from India. The tanker N Mars arrived into Rotterdam on 1 February with 60,000t of jet fuel from India.

Reporter: Sergei Balashov

London, 31 January (Argus) — Oil products held in independent storage tanks in the Amsterdam-Rotterdam-Antwerp (ARA) trading hub fell on the week, with a sharp fall in fuel oil inventories outweighing stock rises in every other recorded product.

Fuel oil inventories fell by 27pc week on week to their lowest level since 29 November 2018. Falling stocks levels in Asia-Pacific and lower freight rates in January helped open arbitrage routes and stimulated bookings of several very large crude carriers (VLCCs). No VLCCs were recorded leaving the ARA area during the week to today but at least three Suezmax and one Aframax tanker departed the area for the Mediterranean and west Africa. Incoming tankers arrived from Poland, Russia and the UK.

Naphtha inventories increased, rising from a low base after reaching their lowest level since November 2017 a week earlier. Tankers arrived from Algeria, Russia, Spain and the UK and none were recorded leaving. Vitol booked the Star Energy to carry a 120,000t cargo from the ARA area to Asia-Pacific with loading set for 31 January.

Gasoil inventories rose, increasing for the fourth consecutive week to reach the highest level since the week to 8 November 2018. Firm demand for heating fuels bolstered demand from end-users in the northwest European hinterland, supporting Rhine barge flows. Tankers arrived from Lithuania, Poland, Russia, Saudi Arabia and the US. Tankers departed for Denmark, France and the UK.

Gasoline stocks rose, remaining around the nine-month high recorded in recent weeks. Ample supply in north America continues to exert downward pressure on demand for northwest European volumes, but outflows remained healthy with tankers departing for the Mideast Gulf, Brazil, the US, west Africa and to Suez for orders. Tankers arrived from France, Italy, Spain and the UK carrying a variety of different grades of gasoline.

Jet fuel stocks rose by 5pc to reach a 16-week high amid firm demand relative to other regions. Ample supply in the Mediterranean and US Atlantic and Gulf coasts, coupled with an influx of cargoes arriving from east of Suez will continue to jet fuel flows into northwest Europe. Tankers arrived from the Mideast Gulf and South Korea, and departed for the UK.

Reporter: Tom Warner

London, 28 January (Argus) — Oil products held in independent storage tanks in the Amsterdam-Rotterdam-Antwerp (ARA) trading hub were steady on the week.

Gasoil inventories rose, increasing for the third consecutive week to reach the highest level since the week to 8 November 2018. Firm heating oil demand from end-users in the northwest European hinterland supported Rhine barge flows.

Fuel oil inventories fell by 8.8pc week on week. The very large crude carrier (VLCC) As Suwayq departed Rotterdam for Singapore carrying a 270,000t cargo.

Gasoline stocks fell, but remained around the nine-month high recorded in recent weeks. The four-week rolling average of gasoline inventories hit its highest level since Argus began recording PJK’s ARA stocks data in 2011, at 1.37mn t. Ample and rising supply in north America has significantly reduced demand from the US Atlantic and Gulf coasts, limiting outflow opportunities for northwest European volumes. Tankers arrived from Finland, Spain, Russia, Sweden and the UK. Tankers left the area for Canada, the Mediterranean, the US and to Suez for orders.

Naphtha inventories fell to reach their lowest since November 2017, as northwest European end-users continued to move volumes inland ahead of anticipated falls in Rhine water levels. Demand from gasoline blenders remained subdued.

Jet fuel stocks rose to reach a seven-week high amid seasonally low demand. A single tanker arrived in the region from the UAE and none departed. Ample supply in the Mediterranean and US east coast regions is likely to make northwest Europe a more attractive destination for cargoes arriving from the east of Suez in the coming weeks.

Reporter: Tom Warner

London – Oil product volumes held in independent storage tanks in the Amsterdam-Rotterdam-Antwerp (ARA) trading hub were broadly unchanged on the week today.

Gasoil inventories rose this week. Demand from the European hinterland rose week on week to reach its highest level since May 2018, with falling temperatures continuing to bolster demand for heating oil. But the increase in barge flows was more than offset by an rise in seaborne volumes from from Latvia, Russia and the US, for the second consecutive week.

Fuel oil inventories fell week on week. The very large crude carrier (VLCC) As Suwayq remained in Rotterdam loading a 270,000t for Singapore delivery. Three eastbound VLCC bookings have emerged so far during January, compared with none in December. This is mostly a result of falling freight rates, and high inventories in Europe compared with the Asia-Pacific region. A single Suezmax departed for Singapore during the week to today.

Gasoline stocks remained around the nine-month high recorded in recent weeks. Ample supply in north America weighed on demand from the US Atlantic coast and the US Gulf, weighing on northwest European prices and stimulating an increase in tanker bookings for destinations east of Suez.

Naphtha inventories fell as a result of firm demand from inland petrochemical end-users. An anticipated fall in Rhine water levels helped add urgency to naphtha buying from the petrochemical sector this week, but demand from gasoline blenders remained low on ample supply in key markets.

Jet fuel stocks rose amid lower demand week on week. No jet barges were recorded leaving ARA for discharge along the Rhine, and the Long Range 2 (LR2) tanker SFL Trinity arrived in Rotterdam carrying a 90,000t cargo from Ruwais on 15 January. It was not clear whether the entire cargo was offloaded.

Reporter: Tom Warner

London: Oil products held in independent storage tanks in the Amsterdam-Rotterdam-Antwerp (ARA) trading hub rose on the week today, prompted by a rise in fuel oil stocks.

Gasoil inventories were broadly stable. Demand from the European hinterland rose week on week, with falling temperatures bolstering demand for heating fuels. But the increase in barge flows to inland destinations was more than offset by an increase in seaborne volumes. Tankers arrived from the Baltic, Russia, the US and west Africa and departed for France.

Fuel oil inventories recorded by far the largest increase of the products surveyed, rising by 23.7pc week on week. The very large crude carrier (VLCC) As Suwayq is currently loading a 270,000t cargo in Rotterdam for Singapore delivery. ARA fuel oil inventories typically rise until eastbound outflows become viable. Arbitrage economics to Singapore remain workable with three more VLCC cargoes booked to load between today and 5 February. Fuel oil tankers arrived from France, Poland, Russia and the UK.

Gasoline stocks slightly fell, remaining around the nine-month high recorded a week earlier. Demand for finished grade gasoline from inland consumers rose from a low base, and outflows to the US were also higher. But ample supply in key export markets will continue to exert long-term downward pressure on demand for northwest European gasoline. Tankers left the area for the US, west Africa and Latin America and arrived from France, Italy, Sweden and the UK.

Naphtha inventories fell by 9.4pc following the departure of the Long Range 2 (LR2) tanker Aldana to Asia-pacific with an 80,000t naphtha cargo. Weaker European demand pushed the northwest European naphtha market into contango on 7 January, which is likely to support storage economics as well as additional eastbound flows. Tankers arrived from France, Norway, Portugal, Spain and the UK.

Jet fuel stocks slumped to their lowest since 10 August 2017, falling on the week. Demand from other regions has diverted cargoes away from the ARA area since the start of the year, and tankers have mostly arrived into the UK and France. Storage economics have been impacted by the jet market’s moving into backwardation on 4 January. A single 30,000t cargo arrived in the ARA area from the UK during the reporting period, but had not unloaded at the time of writing. A single tanker departed for the UK this week.

Reporter: Thomas Warner

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

London — Oil products held in independent storage tanks in the Amsterdam-Rotterdam-Antwerp (ARA) trading hub increased by 2.4pc on the week today to 5.03mn t.

Fuel oil inventories increased by 22pc on the week to reach an eight week high (see table). The very large crude carrier (VLCC) Neptun is currently awaiting loading in Rotterdam for east of Suez discharge. Tankers arrived from France, Italy, Russia and the UK. Fuel oil stocks can be subject to greater changes as a result of the use of larger tankers to carry cargoes eastward.

Gasoil stocks declined by 5.1pc to their lowest level since 21 June. Inland buyers took advantage of a recovery in Rhine water levels to replenish stocks of diesel and heating oil. Liquidity in the German 10ppm diesel fob ARA barge market has doubled in the last two weeks. German diesel barges also moved to a premium to their Hamburg-delivered cargo counterparts, likely encouraging the sale of smaller parcels for shipment up the Rhine. Tankers arrived in the ARA area from the Baltic and Mediterranean regions, and departed for the UK and west Africa.

Gasoline stocks fell by 1.8pc to a six week low. Cargoes departed for the Mideast Gulf, Canada, the US and west Africa. Transatlantic and west African demand rose on the week, drawing more gasoline out of the area, and flows of gasoline blending components from inland destinations rose to support ARA inventories. Gasoline cargoes arrived from Denmark, Finland, France, the Mediterranean and the UK.

Naphtha inventories rose by 6.3pc as a result of a steady flow of incoming cargoes. Tankers arrived from Algeria, the UK and the US while none departed. Demand from inland petrochemical end-users rose, again supported by the rise in Rhine water levels.

Jet fuel stocks fell by 1.7pc to reach their lowest level since 11 May. A tanker arrived from Finland, likely for use in gasoil blending. A single tanker was recorded leaving for the UK.

Reporter: Thomas Warner