ARA oil product stocks at 12-week low
London, 22 August (Argus) — Inventories of oil products independently held in Amsterdam-Rotterdam-Antwerp (ARA) fell below 6mn t, the lowest since the week to 31 May.
Gasoil inventories fell with barge flows up the river Rhine increasing for the third consecutive week. Lower barge freight rates have encouraged loadings on the river. A tanker departed for northern Germany.
Gasoline inventories fell on the week to reach their lowest since the week to 31 May. The week-on-week drop was the heaviest recorded since March 2017, because of a temporary rise in exports to the US Atlantic coast and higher demand from Germany. Buying interest from the country rose week on week as a result of production issues at the 301,000 b/d Miro refinery.
Naphtha inventories dropped to reach their lowest level since May 2016. Scheduled maintenance at petrochemical facilities in northwest Europe continues to weigh on demand, pressuring prices downward and reducing the number of cargoes arriving in the area. Meanwhile, local demand for the grades used in gasoline blending has increased.
Fuel oil inventories rose on the week, after falling the previous week. No tankers departed for Singapore, but two very large crude carriers (VLCCs) remain in the Rotterdam area, and could potentially load cargoes.
Jet fuel stocks in ARA fell to reach their lowest since 21 March. Demand from the aviation sector remained firm in line with seasonal expectations.