Category: ARA stocks

ARA oil products stocks rise on the week

27 December, 2019 (Argus) — The total volume of oil products held independently in storage in the Amsterdam-Rotterdam-Antwerp (ARA) area rose by around 6pc on the week, according to consultancy Insights Global.

Inventory levels of all products except jet kerosine rose on the week. The highest rise was seen in gasoline inventories, which rose by 23.3pc on the week to 994,000t, the highest since mid-October. Export interest remained low amid poor arbitrage economics to the US and west Africa, as well as the seasonal gasoline demand lull. Tankers arrived from the Baltic, France, Spain, and the UK, and departed for Brazil, the Mediterranean, and Saudi Arabia.

The next highest stockbuild was observed in naphtha inventories, which rose by 21.2pc on the week to 252,000t, amid low demand from petrochemical end-users in the ARA area and along the river Rhine. Most naphtha demand in the area is therefore more likely to be coming from gasoline blenders. Naphtha barge flows into the northwest European hinterland rose in early December in anticipation of a seasonal slowdown in trading activity, which depressed trading volumes during the week to yesterday. Tankers arrived in the ARA from Algeria, Denmark, Portugal and Russia.

Gasoil stocks were built by 1.1pc to 2.4mn t between 19 and 27 December and remain very close to their average of 2.42mn t over the preceding seven weeks. Cargoes arrived from India and the US, while several departed for France as the country’s refineries continued to be severely disrupted. Shipments of US diesel to Europe have been relatively sparse over the past few months, but arbitrage economics on the route are now improving.

Fuel oil stocks in the ARA hub rose by 6.7pc on the week to reach 923,000t, beginning to recover from a big 15pc draw in the previous week. Rising production of 0.5pc sulphur fuel oil ahead of the IMO 2020 global marine sulphur cap deadline on 1 January was probably the reason for the stockbuild, while economics for European high-sulphur fuel oil’s regular outlet in Singapore have been made unviable in recent months, which could be resulting in more product remaining in tanks. Fresh high-sulphur fuel oil imports from Russia drove stocks higher amid weak export demand, while tankers also arrived carrying fuel oil from the UK and Sweden.

Jet kerosine inventories fell by 3.8pc on the week to reach their lowest since the week 10 January. The drop in stocks was prompted by high demand in northwest Europe, in line with seasonal expectations. Tankers departed for the UK and Ireland, while no tankers were seen to have arrived into the area over the last week.

ARA Oil Product Stocks Rise on the Week

12 December, 2020 (Argus) – The total volume of oil products held independently in Amsterdam-Rotterdam-Antwerp (ARA) rose in the week to yesterday, the latest data from consultancy Insights Global show.

Inventory levels in ARA rose on the week, buoyed by rising stocks of gasoil, fuel oil and gasoline. Gasoline inventories rose to reach seven-week highs, with outflows to the US and west Africa both falling. Tankers also departed for Puerto Rico and the Mediterranean for orders. Cargoes arrived from France, Norway, Russia, Sweden and the UK. Barge traffic around the ARA area was steady on the week and no congestion was reported.

Fuel oil inventories rose on the week, with tankers arriving from the Baltics, Denmark, France and Russia. There is likely to be low sulphur fuel oil compliant with upcoming changes to maritime fuel regulations. Tankers departed for west Africa.

Gasoil stocks rose amid a slight increase in incoming volumes. Tankers arrived from the Baltics and Russia, and departed for the UK. Barge demand from along the river Rhine was strong — broadly stable on the week — with consumers keen to bring in diesel and heating oil cargoes ahead of the festive season. Market activity is likely to be low in Germany during the latter half of December.

Jet fuel stocks in ARA fell on rising demand from along the river Rhine, with inland airports increasing their fuel intake before anticipated high demand over the Christmas period. A part cargo discharged in ARA from Abu Dhabi and tankers left for the UK and Vietnam.

Naphtha inventories fell, again prompted by higher demand from along the river Rhine. Petrochemical consumers are likely bringing naphtha out of storage in the ARA area to consume before the year end. Tankers arrived from Algeria, France, Latvia and Spain, while none departed.

Reporter: Thomas Warner

ARA Oil Product Stocks Fall to Their Lowest in a Year

28 November, 2019 (Argus) — The total volume of oil products held independently in the Amsterdam-Rotterdam-Antwerp (ARA) hub in the week to yesterday to reach the lowest level since November last year, according to the latest data from consultancy Insights Global.

Inventory levels in ARA typically reach their lowest during late autumn and winter owing to end-of-year destocking and anticipated lower winter demand, which impacts production during the third quarter.

Stocks of all surveyed products fell during the week to 27 November. Gasoil stocks dropped the most in outright terms, amid low imports and a week-on-week rise in barge flows from ARA to the area around Shell’s Godorf refinery. Gasoil supply in the area has been squeezed in recent weeks because of problems restarting units at Godorf following maintenance. But demand from other inland destinations was weak, with low Rhine water levels prompting loading restrictions for barges. A tanker carrying gasoil arrived in ARA from Saudi Arabia over the past week, while cargoes left for France, Germany and the UK.

Naphtha inventories fell by the most in percentage terms, dropping on the week. Steep backwardation in the northwest European market — where prompt prices are higher than forward values — has deterred buyers throughout November, prompting stock draws and pushing inventories to two-month lows. Naphtha cargoes arrived in ARA from France, Norway and Portugal in the week and none arrived.

Gasoline inventories fell on the week to reach their lowest level since November 2016, despite a drop in shipments to the US and west Africa. Gasoline cargoes departed ARA for both regions but the total volume was lower than the previous week. Gasoline tankers also left for Mexico and the Mediterranean. Inflows were also lower on the week, weighed down by a seasonal fall in gasoline demand. Barge congestion prompted some gasoline and gasoline component loading delays around Amsterdam and Antwerp.

Fuel oil stocks declined on the week — cargoes arrived from Poland, Russia and Sweden but the incoming volume was the lowest in several weeks. An Aframax tanker carrying fuel oil departed for Jeddah in Saudi Arabia and tankers also departed for west Africa.

Jet fuel stocks in ARA fell. Demand was low, in line with seasonal expectations. Ample supply, particularly in the Mediterranean, continued to weigh on European jet fuel premiums to the underlying gasoil contract. No tankers arrived or departed ARA carrying jet fuel cargoes.

Reporter: Thomas Warner

ARA Oil Product Stocks Reach Fresh 11-Month Lows

21 November, 2019 (Argus) — The total volume of oil products stocks held independently in the Amsterdam-Rotterdam-Antwerp (ARA) area fell in the week to yesterday, and reached their lowest since December 2018, according to the latest data from consultancy Insights Global.

Inventory levels in ARA typically reach their lowest during late autumn and winter owing to end-of-year destocking and anticipated lower winter demand that impacts production during the third quarter. Fuel oil and gasoline inventories were the only two surveyed product groups to record week-on-week rises.

The arrival of fuel oil cargoes from Canada, France, Italy, Poland and Russia more than offset the departure from ARA of the Aframax Minerva Concert for Singapore, and the departure of two panamaxes for west Africa.

Gasoline inventories rose by 0.9pc on the week, supported by inflows from France, Germany, Italy and the UK. The volume of barge traffic was broadly stable and no congestion was reported at loading and discharge terminals. Tankers departed the region for the Mediterranean, Mexico, the US and west Africa.

Inventories of all other products fell incrementally on the week. Gasoil stocks dropped amid firming demand for heating oil in the European hinterland, which contributed to a rise in middle distillate barge bookings. Barge traffic from ARA into Germany was also supported by falling Rhine water levels, with market participants working to bring in cargoes before loading restrictions increase further. Tankers departed ARA for Brazil, Ireland, the UK, the US and west Africa and arrived from India, Russia and Saudi Arabia.

Naphtha inventories fell on the week and demand from petrochemical end-users along the river Rhine weakened, reducing barge activity. No naphtha tankers departed ARA and cargoes arrived from Algeria, France, Latvia, Poland, Russia and the UK.

Jet fuel stocks in ARA fell. Demand was low in line with seasonal expectations, and ample supply particularly in the Mediterranean continued to weigh on European jet fuel premiums to the underlying gasoil contract. No tankers arrived or departed carrying jet fuel cargoes.

Reporter: Thomas Warner

ARA Oil Product Stocks Fall Heavily

14 November, 2019 (Argus) — Total oil products held independently in the Amsterdam-Rotterdam-Antwerp (ARA) storage hub have fallen over the past week to reach their lowest level since December 2018, according to the latest data from consultancy Insights Global.

Inventory levels in ARA typically reach their lowest point during late autumn and winter.

Fuel oil inventories fell the most, dropping on the week to reach the lowest since May. Tankers carrying fuel oil arrived in ARA from Denmark, France, Poland, Russia and the UK and departed for west Africa and the Mediterranean, most likely for onward transit east of Suez. Less fuel oil arrived from Russia amid rising Russian shipments to the US.

Naphtha inventories fell after a period of tight supply in northwest Europe, resulting from low inflows from the Mediterranean. Barge congestion in the Rotterdam area that disrupted loadings a week earlier eased, following a period of heightened gasoline blending activity. But demand from petrochemical facilities in the area and along the river Rhine remained firm, weighing on inventories. Tankers carrying naphtha arrived in ARA from France, Norway, Russia and the UK over the past week, while none arrived.

Gasoil inventories — the single largest product group by volume — fell on the week to reach their lowest level since March. Imports fell week-on-week and cargoes arrived from Russia only. Low temperatures supported heating oil demand, prompting a rise in barge traffic into Germany. Gasoil tankers also departed for the UK and Brazil.

Gasoline inventories fell on the week, weighed down by a rise in exports. Tankers carrying gasoline departed ARA for the Mediterranean, Puerto Rico, west Africa and the US and arrived from the Baltics, Spain and the UK. Gasoline barge traffic eased week-on-week, but is likely to recover in the coming weeks owing to rising gasoline barge liquidity in the area.

Jet fuel stocks in ARA fell in the past week. Demand was low, in line with seasonal expectations. Supply in Europe remains ample on high arrivals from east of Suez in recent weeks. A total of jet fuel is scheduled to arrive at ports in Europe in November and a preliminary is already scheduled to make the voyage from east of Suez to Europe in December.

Reporter: Thomas Warner

ARA Oil Product Stocks Rise on Fuel Oil Stockbuilding

8 November, 2019 (Argus) – The total volume of oil products held independently in Amsterdam-Rotterdam-Antwerp (ARA) rose during the week to yesterday, according to the latest data from consultancy Insights Global.

Fuel oil inventories rose on the week, amid continued stockbuilding of IMO 2020 compliant low-sulphur fuel oil ahead of upcoming changes to maritime fuel regulations. Demand for IMO-compliant fuel oil is already rising, as shipowners operating long-haul routes will need to use compliant fuels for voyages scheduled to reach their destination after 1 January. Tankers arrived in ARA from Denmark, Poland, Russia and the UK and departed for west Africa.

Naphtha inventories rose, bolstered by tankers arriving from Russia, Spain, the UK and west Africa. Tight supply in the Mediterranean caused by scheduled refinery turnarounds supported naphtha prices immediately prior to and during the reporting period, stimulating inflows. But demand from along the river Rhine prompted a week-on-week rise in barge movements inland, prompting some naphtha barge congestion in the Rotterdam area.

Gasoil inventories, the single largest group by volume, were the only product to fall on the week. Inflows remained healthy, with tankers arriving from Russia and Saudi Arabia. But rising demand from areas adjacent to ARA prompted the overall fall in inventories, with cargoes leaving via tanker and barge to France and Germany. Rising Rhine water levels weighed on barge freight rates, supporting flows into both countries. Unseasonably low temperatures may also have increased inland demand for heating oil. Tankers also departed for the UK and west Africa.

Gasoline inventories rose on the week, with healthy outflows to the US and west Africa largely offset by an increase in gasoline coming into ARA from Germany. Gasoline production is rising in Germany as refineries return from scheduled Autumn maintenance. Tankers arrived in the ARA area from Italy, Norway, Portugal and the UK and departed for Brazil, the US and west Africa.

Jet fuel stocks in ARA rose. Demand was low in line with seasonal expectations, and jet fuel traffic was minimal. Recent contango in the jet forward curve supported inflows. Tankers arrived from Saudi Arabia and South Korea, and departed for the UK and Ireland.

Reporter: Thomas Warner

ARA Oil Product Stocks at Six-Month Low

1 November, 2019 (Argus) – Lower distillate stocks resulted in decline in oil products in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) trading hub, according to the latest data from consultancy Insights Global.

Total oil product stocks now stand at their lowest since 9 May. Another sharp fall in gasoline inventories contributed to the fall, as they dropped in the week to 30 October — the lowest since September 2018. Stocks have been drawn down in the past two weeks, with firm export interest and the absence of significant restocking in the region. An open transatlantic arbitrage has resulted in tankers continuing to depart for the US and Latin America, as well as west Africa. Gasoline arrived from France, Russia and the UK, but steep backwardation in the Eurobob gasoline swaps market has deterred suppliers from restocking as long as possible.

US gasoline demand recently reached a seasonal high, according to yesterday’s EIA report for the week to 25 October, up from a year ago and higher than the five-year average for the week.

Market structure is also likely to have deterred the restocking of gasoil, which fell on the week. Strong inland demand and lower freight rates have led to an increase in departures to Germany, as well as to Denmark, the UK and the Mediterranean. Tankers arrived from the Baltic, Russia and the United Arab Emirates. A fall in temperatures in northwest Europe this week will have added to heating oil demand.

The arrival of two Aframax-sized vessels from Algeria contributed to a rise in naphtha stocks, the highest since June. Amid firm petrochemical demand in northwest Europe, cargoes arrived from Finland, France, Russia, the UK and west Africa. No tankers departed the region, as is normal at this time of year.

Two large tanker arrivals from the United Arab Emirates helped jet stocks to rise, outweighing departures from the ARA area to Ireland and the UK.

Fuel oil stocks edged higher for the second week. Volumes are likely to be increasing because of low-sulphur fuel oil demand ahead of the marine fuel sulphur cap from 1 January 2020. Tankers departed the region for Saudi Arabia and west Africa, and arrived from Russia.

Reporter: George King Cassell

ARA Oil Product Stocks Rise on the Week

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

ARA Oil Product Stocks Reach Fresh Five-Month Lows

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

ARA oil product stocks lowest in four months

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