Independently-held oil products stocks in the Amsterdam-Rotterdam-Antwerp (ARA) hub fell to their lowest since December 2019 during the week, amid firm demand and logistical problems on northwest European waterways.

Data from consultancy Insights Global show overall inventories fell by, with stocks of all surveyed products lower. Demand for road fuels is firm around the region, and barge loading restrictions on the Rhine have taken any spare capacity out of the spot barge market, making it more expensive to move necessary components around the waterways of northwest Europe.

Gasoil inventories fell to their lowest since April 2020, dropping on the week. The fall would probably have been even greater without the loading restrictions on the Rhine caused by low water levels, and flows up the Rhine from the ARA area fell to two-month lows.

Seagoing tankers departed the ARA area for France, Germany, the UK and west Africa, and arrived from Sweden and Russia. Diesel loadings from the Russian port of Primorsk are scheduled to rise this month, though it is not clear how much of the scheduled is likely to discharge in the ARA area.

Gasoline stocks fell.Barge congestion and loading delays remained a factor around the ARA area, and the trade in barge components appeared quieter on the week. Tankers arrived from Latvia, Russia, Sweden and the UK, and departed for Portugal, the US and west Africa. Steep backwardation in the northwest European gasoline market is providing sellers with a clear incentive to only produce cargoes that will find a ready home elsewhere.

Barge congestion and loading delays remained a factor around the ARA area, and the trade in barge components appeared quieter on the week. Tankers arrived from Latvia, Russia, Sweden and the UK, and departed for Portugal, the US and west Africa. Steep backwardation in the northwest European gasoline market is providing sellers with a clear incentive to only produce cargoes that will find a ready home elsewhere.

Jet fuel stocks fell to their lowest since May 2020, in contrast to the typical seasonal trend. Jet fuel inventories typically fall during the peak summer demand season before rising throughout the fourth quarter. But limited barge capacity and the reopening of some long-haul flight routes have disrupted the typical pattern. A single tanker arrived from Finland, most likely sustainable aviation fuel (SAF), and tankers departed for Ireland and the UK.

Naphtha stocks fell to their lowest since July 2020. Barge flows of naphtha to petrochemical facilities around northwest Europe remained robust despite the high freight rates, with naphtha demand being supported by relatively high prices of all rival feedstocks.

Tankers arrived from Russia and Sweden and departed for the Mediterranean, the Mideast Gulf and west Africa.

Fuel oil stocks fell to their lowest since March 2020, albeit dropping less on the week. Cargoes departed for Brazil and west Africa and arrived from Estonia, Poland, Russia and the UK.

Reporter: Thomas Warner