ARA Oil Product Stocks Fall on the Week
London, 19 September (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