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