Category: Nieuws

In hac habitasse platea dictumst. Vivamus adipiscing fermentum quam volutpat aliquam. Integer et elit eget elit facilisis tristique. Nam vel iaculis mauris. Sed ullamcorper tellus erat, non ultrices sem tincidunt euismod. Fusce rhoncus porttitor velit, eu bibendum nibh aliquet vel. Fusce lorem leo, vehicula at nibh quis, facilisis accumsan turpis.

ARA gasoline inventories surge

London, 6 June (Argus) — A sharp rise in gasoline stocks pushed inventories of independently-held oil products in the Amsterdam-Rotterdam-Antwerp (ARA) region higher on the week, according to consultancy Insights Global.

Stocks rose in the week to 5 June.

Gasoline inventories jumped week on week, with cargoes coming into the ARA area coming from Finland, France, Italy, Russia, and the UK.

Relatively firm northwest European gasoline prices have left cargo arbitrages out of Europe to regions such as North and South America and west Africa unworkable in the last few weeks, which has slowed departures. The regional strength has also encouraged the arrival of cargoes from outside of the region — including from the Mediterranean — helping lift supplies at a time when regional demand has been relatively muted for the time of year. This week’s build sees gasoline stocks at their highest since early March.

The rise in gasoline stocks this week coincided with a sharp rise in trading activity. Argus Eurobob oxy gasoline barges changed hands from 3 June up to 16:30 BST on 6 June, not far off total May trading activity.

Gasoil stocks eased off this week, after rising to their highest since October the previous week. Independently-held gasoil stocks in the ARA dipped by in the week to 5 June. Gasoil stocks eased off this week as the Long Range 2 (LR2) tanker Burri departed ARA for west Africa, taking around out of inventories. Gasoil arrived into ARA this week from India, Russia, and the UAE.

But fresh cargoes are expected to keep northwest Europe well-supplied in coming weeks, with a high number of LR tankers set to arrive in the region from the Mideast Gulf and US. Diesel margins in the region have been under sustained pressure because of ample regional supply in recent weeks. Northwest European French diesel’s premium to North Sea Dated crude fell the lowest since March 2018 on 5 June.

Fuel oil stocks also dipped lower this week — with outbound flows to the Mideast Gulf and west Africa offsetting inbound flows from France, Norway, Poland and Russia. Fuel oil flows to the Mideast Gulf could be higher because of increasing power generation demand following the end of Ramadan.

But deteriorating economics for shipments to the Asia-Pacific region continue to deter exports to Singapore, where stocks recently reached a two-year high. The Singapore second-month swap premium to high-sulphur fuel oil cargo prices in northwest Europe has averaged below in the last five trading days, from in the previous five. It is the lowest five-day average since September 2017.

Jet kerosene stocks were largely stable, dipping in the week up to 5 June, with departures from the area to the UK. Jet demand has been slow to pick up ahead of the peak season, but overall demand this year is set to exceed that of last year. Stocks could soon rise — the Alburaq offloaded jet fuel on 6 June in Rotterdam, and five further tankers are scheduled to arrive in ARA by the end of this week. But Total’s declaration of force majeure on jet deliveries from its Leuna refinery in eastern Germany could push ARA supplies towards that area, which could weigh on stocks.

Meanwhile, Total booked one vessel from ARA to take of product to Immingham loading on the 5 June, likely related to maintenance works at Lindsey refinery.

Naphtha inventories in ARA jumped this week, rose. Naphtha stocks in the ARA region had rebounded from the 18-month lows recorded a week earlier. Demand from the petrochemical sector remained low as a result of scheduled maintenance at three northwest European ethylene crackers. Buying interest from gasoline blenders was also low.

Blenders typically add naphtha to gasoline in order to reduce the viscosity of the finished product, but the high inflows of finished-grade gasoline from outside the ARA area weighed on demand for the product. The general lack of buying interest, combined with the arrival of cargoes from Algeria, Norway, Russia, and the UK, brought northwest European naphtha’s discount to North Sea Dated crude to multi-year lows during the week to today.

Reporter: Robert Harvey

ARA Gasoline Stores Rise to Fill Druzhba Loss

(Bloomberg) — ARA gasoline stockpiles jumped by 29% in the
past week as inventories in the NW Europe trading hub were
replenished after being been drawn down during the Druzhba
pipeline crisis, according to Insights Global.
* Gasoline stockpiles, highest since early March
** Market participants are actively buying gasoline to rebuild
ARA inventories that were drawn down for inland re-supply, Lars
van Wageningen, operations manager of Insights Global, says by
phone; adds that these volumes may be destined for future
exports out of the region
** At the same time, elevated gasoline-barge flows inland to
serve Druzhba-related demand also continued, with
the motor fuel shipped along Rhine in past week; remains well above regular flows: Van Wageningen
* Fuel oil stockpiles – lowest in about a month
** Stockpiles could decline further in coming week as VLCC
Baltic Sunrise is at jetty in Rotterdam to load fuel oil for
Singapore, Van Wageningen says
* Gasoil/diesel stockpiles – lowest since May 23
** Stable demand for flows inland along Rhine outweighed imports
from other regions this week: Van Wageningen
* EARLIER: Gasoil Stockpiles Fall in Europe’s ARA Region:
Insights Global

Reporter: Bill Lehane

Gasoil inventories bolster ARA product stocks

London, (Argus) — Rising stocks of gasoil offset falling inventories of all other oil products held independently in the Amsterdam-Rotterdam-Antwerp (ARA) region during the week to yesterday, according to consultancy Insights Global.

Gasoil inventories rose to their highest level since October after reaching nine-week lows the prior week. The increase was prompted by increasing quantities arriving from the Mideast Gulf thanks to ample supply both in the Gulf itself and in Singapore, another centre of demand. Tankers also arrived in the ARA area, Germany, Latvia, Poland, Russia, the US and the UK. Rising inflows helped push northwest European French-diesel margins to crude to 14-month lows during the week to 30 May, down on the week. Tankers departed the ARA area for Denmark, the UK and west Africa.

Stocks of all other surveyed products fell, with gasoline and naphtha both recording double-digit falls in percentage terms. Problems with contaminated Russian crude in central Europe continued to support northwest European gasoline prices. The front-month June Eurobob contract closed to the August contract on 30 May, against an average for May so far. At the same time sustained backwardation along the gasoline forward curve continued to discourage storage of the product.

Relatively firm northwest European gasoline prices attracted seaborne cargoes into the ARA area from France, Latvia, Norway, Portugal, Russia, Spain, Sweden and the UK. But gasoline barge flows up the river Rhine rose to four times their normal levels owing to the widespread refining issues, and tankers were also booked to carry product from the ARA into northern Germany. Tankers also departed for Cuba, the UK, the US and west Africa.

Naphtha stocks in the ARA region fell to their lowest level since November 2017 as a result of firm demand from gasoline blenders and low demand in the area for the paraffinic naphtha used by petrochemical end-users. Northwest European paraffinic naphtha’s discount to North Sea Dated crude reached its lowest level since November 2014 on 29 May, pushed down by petrochemical outages around the continent and ample supply in the key Asia-Pacific export region. Cargoes likely comprised mainly of gasoline-blending grade material arrived from Finland, France, Norway, Russia, Sweden and the UK.

Jet fuel inventories fell back from two-year highs recorded the prior week, with demand increasing in line with seasonal expectations. Rising demand was signified by an increase in bookings of barges to carry the product, with pipeline capacity no longer sufficient to move the necessary volumes around northwest Europe. Tankers arrived in the ARA area from China and Russia and none departed.

Fuel oil inventories ticked downwards on the week, with the arrival of cargoes from Poland and the US nearly offsetting the departure of the VLCC ADS Serenade on 23 May. Stocks of fuel oil in Singapore remain at two-year highs, reducing the incentive for European market participants to accumulate cargoes in the ARA area for onward transit onboard larger vessels.

Reporter: Thomas Warner

ARA Gasoline Stores Drop as Flows Inland Surge: Insights Global

Bloomberg: ARA gasoline stockpiles declined by 10% in
the past week as more than four times as much gasoline as usual
headed inland to Germany and Switzerland, according to Insights
Global.
* Gasoline stockpiles – lowest since mid-May
** Gasoline was transported inland to Germany and
Switzerland in the past week, Patrick Kulsen, managing director
of Insights Global, says by phone
*** Compares with previous week, when flows were
already elevated due to disruption stemming from the Druzhba
halt
* * Gasoil/diesel stockpiles, highest
since mid-October and back above seasonal 5-year average
** Imports increased in the past week from the Middle East,
particularly Saudi Arabia, as well as U.S., Russia: Kulsen
** Strong inland demand for road diesel via Rhine also seen,
though flows not as elevated as gasoline
** MIDEAST-EUROPE FUEL FLOWS: Imports Rise to Multi-Month High
* Click here for full dataset

Reporter: Bill Lehane

ARA product stocks stable, gasoline rises

London, 23 May (Argus) — Rising stocks of gasoline offset falling inventories of other oil products held independently in the Amsterdam-Rotterdam-Antwerp (ARA) region in the week to yesterday, according to consultancy Insights Global.

Ongoing refining issues in Germany continue to support northwest European gasoline prices, attracting more cargoes to ARA. Prompt-loading Argus Eurobob oxy barges hit six-month highs on 20 May, drawing in shipments from Italy, Norway, France, Portugal, Russia, Spain and the UK and pushing inventories up.

Tankers left ARA area for the US, Canada and west Africa, but also for Germany, which typically sends gasoline to ARA. But issues at least three German refineries, including Total’s Leuna, PCK’s Schwedt and BP’s Gelsenkirchen refineries have tightened supply in Europe’s largest gasoline market and increased demand for Rhine barges. Shutdowns at Total’s Donges and Grandpuits refineries combined with reduced run rates at BP’s Rotterdam and Total’s Antwerp refineries to further constrain northwest European gasoline supply.

Naphtha stocks in the ARA region fell to four-week lows on steady demand from gasoline blenders and low prices reducing the incentive to bring product into the storage hub. Northwest European naphtha’s discount to North Sea Dated crude reached its lowest level since November 2014 yesterday, pushed downward by petrochemical outages around the continent and ample supply in key export region Asia-Pacific. No tankers left the ARA area as a result. Tankers arrived from Portugal, Norway, Russia and Spain, largely as part of term contracts.

Gasoil inventories fell to nine-week lows owing to reduced diesel inflows from Primorsk in May, with incoming volumes coming under downward pressure from bankruptcy proceedings at New Stream’s Antipinsky refinery. The fall was partially offset by an increase in imports from the US, while tankers also arrived from Latvia and Russia. High inventories relative to gasoline have made the gasoil market more resilient to the refinery outages affecting other products.

Jet fuel inventories reached two-year highs today, also bringing the May average to two-year highs, on high import levels from east of Suez. An cargo arrived from South Korea and demand from within Europe was limited. A single tanker departed for the UK.

Northwest European jet fuel availability has tightened in the past week on regional refinery outages, tightening Asian supply, and a technical issue affecting jet fuel output at Total and state-owned Saudi Aramco’s joint-venture Satorp refinery in Jubail, Saudi Arabia. But the effect appears to be delayed, with any production decline likely to eat into already-high inventories.

Reporter: Thomas Warner

(BFW) ARA Gasoline Stocks Fall as Druzhba Woes Drain Inland Supplies

(Bloomberg) — Stockpiles of gasoline in independent
storage in Amsterdam-Rotterdam-Antwerp in the past week fell to
the lowest since August as the Russia oil-contamination crisis
drained inland supply of the motor fuel, according to Insights
Global.
* Gasoline stockpiles – week to Thursday,
lowest for time of year since 2015
** The Russia oil contamination issue is affecting inland supply
by hampering operations of some refineries, Lars van Wageningen,
operations manager of Insights Global, says by phone; says ARA
inventories are falling as more gasoline moves up the Rhine to
replace missing volumes and inland oil product terminals look to
replenish their supplies
** Export flows to the U.S. have also increased in the past
week, and shipments to West Africa are also still “quite hefty”:
Van Wageningen
* * Fuel oil stockpiles, highest since Jan.
24; moves back above 5-year seasonal avg
** Inventories gained on stockbuilding for future arbitrage
shipments, Van Wageningen says, adding that while arb economics
to Singapore were unfavorable in past week they look to be
improving
** VLCC ADS Serenade is in Rotterdam, tanker-tracking data
compiled by Bloomberg show; the tanker is due to load fuel oil
in coming weeks: Van Wageningen

Reporter: Bill Lehane

Gasoil, fuel oil lead ARA stocks rise

London, 16 May (Argus) — Weaker gasoil and fuel oil demand led a rise in overall oil product stocks held independently in the Amsterdam-Rotterdam-Antwerp (ARA) region, and offset a decline in remaining product inventories, including gasoline.

Russian crude imports through the Druzhba pipeline to Germany were stopped on 25 April because of a contamination problem. The issue led to a draw in independent gasoline stocks in the ARA region after regional blenders looked to fill supply shorts in inland Europe, particularly Germany and Poland. A rare shipment took a gasoline cargo to a north German port from the ARA storage hub, according to consultancy Insights Global. Inland flows are typically carried by barge, or in the opposite direction for stock building. Shipments of gasoline from the Mediterranean region to northwest Europe have also surged in recent weeks following the pipeline issue.

Stronger prompt gasoline prices in northwest Europe have diminished arbitrage opportunities out of the region, while steep backwardation in the gasoline market is encouraging volumes to move out of storage. Supply is likely to tighten further as a technical issue yesterday forced the closure of Total’s Leuna refinery in southeastern Germany. The firm declared force majeure on rail deliveries of oil products from the facility.

This adds to the unplanned shutdown of Total’s Grandpuits and a turnaround at the firm’s Donges refineries. One of the two crude distillation units (CDUs) at BP’s Rotterdam refinery in the Netherlands, is also under maintenance.

Reduced diesel exports from Primorsk in May, following a decrease in scheduled loadings and bankruptcy proceedings at the Antipinsky refinery, have tightened the northwest European market. But the impact of the Druzhba pipeline issue on the diesel market has been less pronounced, largely as a result of relatively higher inventories and lower demand compared with gasoline. Gasoil stocks rose following arrivals from Russia, the US and Latvia, while product was exported to Argentina, Ireland, UK and west Africa.

Naphtha stocks in the ARA region fell from four-week highs the previous week, on steady demand and reduced incentive to bring product into the storage hub. Buying interest for open-specification product has come under downward pressure from unusually high levels of scheduled maintenance in the petrochemical sector. But demand for blending grades was supported by firm gasoline demand from inland destinations.

Jet fuel inventories remained steady in the week to 16 May on limited demand, as most imports from east of Suez arrived into UK and French ports. In addition, estimated arrivals into northwest Europe this month have declined to 1.5mn t, from 2mn t previously, following diversions to African destinations.

Weaker arbitrage economics to take fuel oil to the Asia-Pacific region from northwest Europe supported stock levels. Inventories in Singapore reached over a two-year high of in the week to 10 May. Despite unviable export economics, Gunvor chartered a very large crude carrier (VLCC) to load fuel oil in Rotterdam to Singapore.

Reporter: Rowena Caine

ARA Gasoline Stockpile Declines as WAF, U.S. Pull More: Insights

(Bloomberg) — Stockpiles of gasoline in independent
storage in Amsterdam-Rotterdam-Antwerp fall to the lowest for
time of year since 2015, according to Insights Global.
* Gasoline stockpiles – lowest since Aug. 30
** The past week has seen a lot of exports to West Africa, as
well as more shipments to the U.S., Lars Van Wageningen,
operations manager of Insights Global, says by phone
** Increased flows of gasoline also seen to inland markets by
barge along the Rhine: Van Wageningen
** READ (May 7): U.S. Gasoline Imports From Europe Rise to 8-
Month High: Customs
* Gasoil/diesel stockpiles – lowest since
March 21, remain slightly above 5-yr seasonal avg
** More volumes shipped inland via barge along Rhine while
weekly imports of diesel from Russia’s Primorsk, Ust-Luga ports
declined: Van Wageningen
* Naphtha stockpiles highest since March 28
** Inventories rose in past week due to higher imports from
Algeria
Reporter: Bill Lehane

Refinery Woes May Limit ARA Gasoline Stockpiles: Insights Global

(Bloomberg) — Stockpiles of gasoline in independent
storage in Amsterdam-Rotterdam-Antwerp slumped to the lowest in
five months as high exports continued to be seen to U.S. and
Latin America, according to Insights Global.
* Gasoline stockpiles – in the week to
Thursday, lowest since Nov. 15
** While exports to U.S., Latin America remained elevated over
past week, the arbitrage window is now less favorable,
potentially meaning lower exports in coming week, Lars Van
Wageningen, operations manager of Insights Global, says by phone
** Still, with some spring refinery maintenance still ongoing in
Europe as well as unplanned outages — such as at Germany’s
Shell Godorf last weekend — higher local demand may limit
recovery for stockpiles: Van Wageningen
* Gasoil/diesel stockpiles – remains above
seasonal avg
** Steady flows inland along Rhine, as well as exports to places
like Argentina, outweighed the impact of continuing imports from
Russia, U.S.: Van Wageningen
* Fuel oil stockpiles remains lowest for time
of year since 2014
** The arbitrage to Singapore has closed again, leading to some
restocking: Van Wageningen
* Jet fuel stockpiles, highest since May 2017
** Seasonal demand is not so strong yet, causing a lag in
drawdown of stockpiles amid the continuing arrival of imports:
Van Wageningen

Reporter: Bill Lehane

ARA independent product stocks steady

Argus – Oil product stocks held in independent storage tanks in the Amsterdam-Rotterdam-Antwerp (ARA) trading hub were stable on the week, with increasing fuel oil inventories offsetting declines in gasoil and gasoline.

Fuel oil inventories rose. Fuel oil inventories in Singapore reached 9-week highs on 18 April, inhibiting fresh eastbound bookings from the ARA area. But the VLCC Ridgebury Utik departed Rotterdam on 22 April for Singapore, having partially loaded during the prior week.

Stocks of Gasoil fell slightly this week on steady inland diesel demand, with gasoil booked on Rhine barges. Rising diesel prices and an anticipated seasonal fall in Rhine water levels prompted stockbuilding inland, putting downward pressure on ARA inventories.

Gasoline inventories fell because of higher transatlantic shipments. Tankers departed for the US, Nigeria, Brazil and Latin America. Demand for gasoline barges within the ARA area remained firm, but congestion in Amsterdam and Antwerp delayed gasoline component movements.

Naphtha stocks fell, with gasoline blenders the primary source of local demand. Planned maintenance at petrochemical sites in northwest Europe started to weigh on prices.

Jet fuel stocks reached their highest level in almost two years, buoyed by preparations for higher summer demand. Little movement was reported in the jet fuel barge market, with a single tanker booked to discharge along the Rhine.

Reporter: Thomas Warner