Category: Nieuws

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

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

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

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