Author: Greta

17 October, 2019 (Argus) – Rising gasoline, gasoil and naphtha inventories prompted a week-on-week rise in the total volume of oil products held independently in Amsterdam-Rotterdam-Antwerp (ARA).

The rise in overall inventories came after stock levels reached their lowest since the week to 9 May a week earlier. Gasoline inventories rose by more than those of any other surveyed product, increasing on the week. High liquidity in the northwest European gasoline market continued to cause barge congestion around the key ARA ports, delaying loadings and inhibiting outflows from the area. Tankers did depart for Brazil, Latin America, the US and west Africa, but the total volume leaving the area fell on the week. The quantity of gasoline arriving rose in contrast, with tankers discharging in the area from France, Russia, Spain and the UK.

Gasoil inventories rose. Firm prompt prices helped cause a week-on-week rise in inflows, with tankers arriving from India, Russia, Saudi Arabia and the US. A recent, and likely temporary rise, in Rhine water levels bolstered demand for middle distillates from inland destinations. Seagoing tankers departed the ARA area for Denmark, the UK, west Africa and France. Gasoil demand in France may have been supported by disruption at Total’s Feyzin refinery.

Fuel oil inventories fell on the week to reach their lowest since 9 May. The proportion of the fuel oil held in the ARA area that complies with the IMO 2020 sulphur regulations reached around 70-75pc of the total, continuing a long-term rising trend. Tankers left for the Mideast Gulf, the Mediterranean and west Africa, and arrived from Poland, Russia and the US.

Naphtha inventories fell, with firm demand from petrochemical end-users along the river Rhine prompting a week-on-week rise in inland barge shipments. Demand for naphtha as a gasoline blending component was also firm. No tankers departed the area and cargoes arrived from Finland, France, Norway, Russia and Spain.

Jet fuel stocks in ARA rose. Demand was low in line with seasonal expectations, and one tanker arrived from Saudi Arabia. A single tanker departed for the UK.

Reporter: Thomas Warner

10 October, 2019 (Argus) — Falls in gasoline and fuel oil stocks contributed most to a reduction in the total volume of oil products held independently in the Amsterdam-Rotterdam-Antwerp (ARA) storage and refining hub this week.

Overall inventories fell to their lowest since 9 May. Fuel oil inventories fell by more than any other surveyed product, dropping on the week to reach eight-week lows. Tankers left for the Mideast Gulf and west Africa, and arrived from Latvia, Poland and Russia. Flows of high sulphur fuel oil to Singapore have dwindled with demand from Asia falling in anticipation of upcoming changes to maritime fuel regulations on 1 January.

Gasoline stocks fell to their lowest since the week to 31 May. Most of the volume which departed ARA during the week is likely to discharge in west Africa, and tankers also left for Latin America, the US and the Mideast Gulf, where demand is being supported by the disruption to the Saudi Arabian refining sector following the attacks on 14 September. Firm export demand continued to prompt high levels of gasoline production in ARA, supporting demand for barges. The level of congestion in the ARA area fell on the week but remained a factor, particularly around Amsterdam. Rising water levels within the next few days are likely to allow standard barges to begin passing through the Kaub bottleneck on the river Rhine in Germany fully loaded for the first time in more than three weeks.

Gasoil inventories fell. Tankers arrived from the Baltic states, India, Russia and the US and departed for France, Latin America and the UK. The backwardated market structure provided little incentive for market participants to store gasoil in tank. An anticipated rise in gasoil exports from the Russian port of Primorsk is likely to increase the volume arriving in the ARA in the coming weeks.

Jet fuel stocks in ARA rose, broadly in line with seasonal expectations, and a single tanker departed for the UK.

Naphtha inventories rose to reach eight-week highs, with firm demand for gasoline blending components drawing in tankers from Algeria, France, Spain and the UK. Demand from the petrochemical sector remained low, with at least two large complexes yet to return from scheduled maintenance turnarounds.

Reporter: Thomas Warner

3 October, 2019 (Argus) – Oil products inventories held independently in the Amsterdam-Rotterdam-Antwerp (ARA) area fell week on week, led by sharp drops in fuel oil and naphtha stocks.

Total inventories reached their lowest since the week to 23 May as stocks of all products surveyed fell. Fuel oil inventories fell by more than any other surveyed product, dropping on the week to reach seven-week lows. Tankers left for the Mediterranean and west Africa, and arrived from the Baltics, France, Russia and the US. The volume arriving from Russia fell on the week, pulling down overall inventories.

Gasoline stocks reached their lowest since 31 May. Demand from other regions continued to prompt tankers to depart ARA carrying gasoline cargoes. Vessels departed for Canada, the Mediterranean, Mexico, Argentina, the US and the Mideast Gulf. Outflows to the Mideast Gulf are being supported by the disruption to the Saudi Arabian refining sector following the attacks on 14 September. And tankers continue to depart for west Africa and southern hemisphere destinations carrying summer-grade gasoline that can no longer be used in Europe. The high level of gasoline blending activity continued to cause congestion around key terminals in ARA, with barges and tankers competing for loading and discharge jetties.

Naphtha inventories fell to reach six-week lows, owing to low inflows and firm demand from local gasoline blenders using naphtha in the production of export volumes. Tankers arrived from France, Portugal and Russia and none departed. Jet fuel stocks in ARA fell, broadly in line with seasonal expectations, and a single tanker arrived in the area from the Mideast Gulf. Tankers departed for the UK and Ireland.

Gasoil inventories fell on the week. Tankers arrived from Russia, Saudi Arabia and the US and departed for Brazil, the UK and the Mediterranean. Flows from ARA into Germany along the river Rhine were marginally higher on the week, but remained near six-month lows. Demand for heating oil remained low in line with seasonal expectations.

Reporter: Thomas Warner

19 September, 2019 (Argus) — A fall in gasoil inventories has prompted a drop in the total volume of oil products held independently in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub in the past week.

Gasoil stocks fell in the week to 18 September, reaching their lowest level since 6 June, amid low volumes of incoming cargoes. Flows to Europe from the US have been squeezed by rising US shipments to Brazil, where the sugar cane harvest is spurring demand. And demand for gasoil barges along the river Rhine fell in the past week as water levels continued to decline, which restricts loadings and increases barge freight rates. Gasoil tankers arrived in ARA from the Baltic area and Russia, and departed for west Africa and the Caribbean.

Gasoline stocks fell by just over 1pc, depleted by robust exports to the US and the Caribbean. Transatlantic exports from northwest Europe are being supported by the upcoming switch to winter-grade gasoline. Outflows to the US and the Caribbean accounted for the majority of gasoline cargoes departing ARA, but tankers also left for Mexico, the Mideast Gulf and west Africa. Gasoline cargoes arrived in ARA from Finland, France, Latvia, Russia and the UK. Congestion at terminals in Antwerp and Amsterdam, which affected barge loadings earlier this month, eased in the past week.

Fuel oil inventories rose on the week, with shipments arriving from France, Latvia, Russia, Sweden and the UK. Fuel oil cargoes departed for the US and west Africa.

Jet fuel stocks in ARA fell, broadly in line with seasonal expectations. A single jet fuel tanker arrived from South Korea, and no cargoes departed.

Naphtha stocks rose on the week. Cargoes arrived in ARA from Algeria, Lithuania, Norway, Russia and Spain. The gasoline blending sector accounted for most of the demand, with low interest from inland petrochemical plants owing to scheduled maintenance turnarounds.

Reporter: Thomas Warner

12 September, 2019 (Argus) — Inventories of oil products independently held in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub have increased in the past week, driven by a rise in gasoline stocks.

Inventories of all other surveyed products fell in the week to 11 September. But gasoline stocks rose to hit a four-week high, with a high volume of incoming cargoes more than offsetting increased outflows particularly to transatlantic destinations.

Gasoline tankers have arrived from the Baltics, France, the Mediterranean, Norway, Russia and the UK in the past week. Congestion at terminals in Antwerp and Amsterdam affected both tanker and barge loadings, some of which were delayed. Meanwhile, gasoline tankers departed ARA for Canada, Latin America, the US and west Africa.

Inventories of gasoil, fuel oil, naphtha and jet fuel all fell. Naphtha stocks dropped on the week. Cargoes arrived in ARA from Algeria, Norway, Portugal, Russia, Spain and the UK. But these were generally on small tankers, with the naphtha heading straight to gasoline-blending plants rather than being stored. Barge traffic to inland petrochemical facilities was constrained by scheduled maintenance and unplanned turnarounds at several sites.

Gasoil inventories declined by around 1pc on the week in a broadly stable market. Demand for gasoil barges along the river Rhine was steady in the week to 11 September but could tick down ahead of a projected fall in Rhine water levels, which increases barge freight rates. Gasoil tankers arrived in ARA from Poland and Russia in the past week and departed for the UK and west Africa.

Fuel oil inventories fell by around 1pc on the week. No tankers departed for Singapore, but the Sydney Spirit did depart for west Africa. Tankers arrived from France, Italy and Russia. Jet fuel stocks in ARA dropped by 4pc, with no tankers arriving from elsewhere to replenish volumes used by the aviation sector.

Reporter: Thomas Warner

5 September, 2019 (Argus) — Inventories of oil products independently held in Amsterdam-Rotterdam-Antwerp (ARA) fell.

Gasoil and fuel oil stocks rose week on week, but inventories of gasoline, naphtha and jet fuel fell.

Gasoline inventories dropped by more than 10pc to reach their lowest since the week to 31 May amid high outflows to the US and west Africa. Demand from along the river Rhine continued to receive support from the outage of the fluid catalytic cracker (FCC) at b/d Miro refinery, keeping barge traffic inland at a high level. The FCC at Miro is expected to restart during the week beginning 9 September. But low Rhine water levels prompted loading restrictions, increasing the number of barges needed to carry each cargo. Seagoing tankers arrived in ARA from France, Italy, Russia, Sweden and the UK. The elevated level of tanker and barge traffic caused congestion and loading delays in the Amsterdam and Antwerp areas, particularly during the early part of the week.

Naphtha inventories were also lower on the week, with less arriving by tanker and demand high from gasoline blenders in the ARA hub. Barge traffic to inland petrochemical end-users was low owing to scheduled maintenance turnarounds at several sites. Tankers did arrive from Denmark, France, Spain and the UK while none departed.

And jet fuel stocks in ARA fell, largely as a result of a week-on-week fall in the volume arriving by tanker. A single cargo arrived in ARA from Saudi Arabia. Tankers departed for Ireland and the UK.

Gasoil inventories rose on the week with more volume arriving by tanker and barge restrictions inhibiting flows to inland destinations in spite of firm demand. Buying interest in diesel continued to be buoyed by the outage at Miro. Tankers arrived from India, Russia, the UK and the US. Fuel oil inventories rose on the week. No tankers departed for Singapore and tankers arrived from France, Poland, Russia and the UK.

Reporter: Thomas Warner

29 August, 2019 (Argus) — Inventories of oil products independently held in Amsterdam-Rotterdam-Antwerp (ARA) rose during the week to yesterday.

Inventories of most surveyed products were broadly stable on the week in percentage terms, with naphtha and jet kerosene the two exceptions. Naphtha inventories rose on the week after reaching their lowest since May 2016 a week earlier. Scheduled maintenance at petrochemical sites in northwest Europe weighed on demand, and the volume of naphtha leaving the ARA on barges for inland destinations fell on the week as a result. Tankers arrived from Algeria, France, Norway and the UK while none departed.

Jet fuel stocks in ARA rose for the first time in six weeks, increased. Demand from the aviation sector began to show signs of easing as peak summer demand season drew to a close, and tankers arrived in ARA from Singapore and South Korea. Tankers departed for the UK.

Gasoil inventories fell on the week to reach their lowest since 6 June. Favourable arbitrage economics drew in tankers from Singapore and Saudi Arabia, while tankers departed for the UK, the Mediterranean and west Africa. The volume of gasoil heading up the river Rhine on barges remained stable on the week at a high level, supported by an outage at the 301,000 b/d Miro refinery. The FCC at the refinery is expected to restart during the week beginning 9 September.

Inland flows of gasoline were also supported by the outage at Miro, and the volume of gasoline leaving ARA for west Africa rose on the week. But a temporary fall in outflows to the US and incoming cargoes from France, Russia, Sweden and the UK meant that inventories rose on the week. The barge congestion that had affected tanker and barge loadings particularly around the Amsterdam area in recent weeks eased.

Fuel oil inventories rose on the week. Two VLCCs that had been waiting in the Rotterdam area left the region without loading any fuel oil. But at least one tanker did depart for west Africa, and cargoes arrived from Lithuania, Russia and Poland. No fuel oil fixtures have been booked to leave ARA for Singapore in the coming weeks.

Reporter: Thomas Warner

1 August, 2019 (Argus) — Inventories of oil products independently held in Amsterdam-Rotterdam-Antwerp (ARA) rose on the week to the highest total since 4 May 2017.

The overall rise in inventory levels was led by a rise in fuel oil inventories. A tanker departed the region for west Africa and the eastbound arbitrage route to Singapore appeared closed. Northwest European market participants have been moving high sulphur fuel oil out of the region in anticipation of upcoming changes to maritime fuel regulations. BP chartered the VLCC Ridgebury Pride from Rotterdam to Singapore with loading expected to commence around 3 August. Fuel oil tankers arrived in the ARA area from Denmark, Latvia, the UK and Russia.

Naphtha inventories also rose by double-digits, increasing after reaching their lowest level recorded since January 2017 the prior week. Tankers arrived from Algeria, France, Poland, Russia, Sweden and the UK while none departed. Buying interest from the gasoline blending sector fell on the week to weigh on local demand.

Gasoil inventories rose to reach their highest since October 2018. Demand from along the river Rhine continued to fall following a period of inland restocking and loading restrictions resulting from low water levels. With almost no rainfall forecast in southwest Germany until the end of July, German importers spent the early part of summer preparing for possible low water levels by moving gasoil barges from the ARA area up the Rhine for inland storage. Exports to west Africa rose on the week and tankers also departed for the UK. Tankers arrived from Russia, Saudi Arabia and the US.

Outflows of gasoline to the US Atlantic coast were stable on the week, and tankers also departed for west Africa. Inventory levels rose and tankers arrived from Finland, France, Norway, Russia and the UK. Gasoline barge traffic around the ARA area fell on the week, reflecting a downtick in blending activity and loading restrictions on gasoline barges arriving from along the Rhine. Blending for export to the US may be waning in anticipation of the end of the peak summer demand season across the Atlantic.

Jet fuel stocks in ARA fell to reach eight-week lows. Demand from the aviation sector was firm in line with seasonal expectations. No jet fuel tankers arrived, but at least one departed for the UK.

Reporter: Florence Schmit