ARA independent product stocks continue to fall
London, 28 February (Argus) — Oil product stocks held in independent storage tanks in the Amsterdam-Rotterdam-Antwerp (ARA) trading hub fell for the third consecutive week to nine-week lows.
Inventories of all products fell. Naphtha stocks recorded the largest reduction in percentage terms, decreasing to 219,000t. The Ablianideparted the region for Venezuela, as part of the country’s efforts to replace naphtha volumes lost to US sanctions. Barge flows to inland end users fell week on week amid rising freight rates on the Rhine. Tankers arrived in the ARA area from France, Russia and Spain.
Fuel oil inventories fell to 911,000t and economics to ship European product to the Asia-Pacific region remained viable, according to data from consultancy PJK. A single Suezmax tanker departed the area for Singapore, but the very large crude carriers (VLCCs) Nave Electron and VL Prime are awaiting loading in Rotterdam.
Jet fuel stocks fell to 612,000t. The Zefyros arrived in Rotterdam from the Mideast Gulf on 26 February and is due to offload a 35,000t cargo today. A single tanker departed for the UK. Jet kerosene continues to arrive in northwest Europe from east of Suez, but tends to discharge in the UK and France.
Gasoline inventories fell to 1.1mn t, amid rising outflows to the US Atlantic coast. Stored volumes have been falling steadily since reaching 11-month highs in January. Tankers departed the ARA area for China, Latin America, Singapore, the US and west Africa. Tankers arrived from France, the Mediterranean, Norway and Sweden.
Gasoil inventories fell to 2.4mn t. Demand from inland fell slightly week on week, again affected by rising Rhine freight rates. Tankers arrived from Poland and Russia, and departed for the Mediterranean and west Africa. Outflows were supported by ample stored volumes. Inventories rose by around 600,000t between mid-December and mid-February to 2.5mn t but have fallen over the last two weeks.
Reporter: Thomas Warner