ARA oil product stocks rise on the week
London, 29 August (Argus) — Inventories of oil products independently held in Amsterdam-Rotterdam-Antwerp (ARA) rose during the week to yesterday.
Inventories of most surveyed products were broadly stable on the week in percentage terms, with naphtha and jet kerosene the two exceptions. Naphtha inventories rose on the week after reaching their lowest since May 2016 a week earlier. Scheduled maintenance at petrochemical sites in northwest Europe weighed on demand, and the volume of naphtha leaving the ARA on barges for inland destinations fell on the week as a result. Tankers arrived from Algeria, France, Norway and the UK while none departed.
Jet fuel stocks in ARA rose for the first time in six weeks, increased. Demand from the aviation sector began to show signs of easing as peak summer demand season drew to a close, and tankers arrived in ARA from Singapore and South Korea. Tankers departed for the UK.
Gasoil inventories fell on the week to reach their lowest since 6 June. Favourable arbitrage economics drew in tankers from Singapore and Saudi Arabia, while tankers departed for the UK, the Mediterranean and west Africa. The volume of gasoil heading up the river Rhine on barges remained stable on the week at a high level, supported by an outage at the 301,000 b/d Miro refinery. The FCC at the refinery is expected to restart during the week beginning 9 September.
Inland flows of gasoline were also supported by the outage at Miro, and the volume of gasoline leaving ARA for west Africa rose on the week. But a temporary fall in outflows to the US and incoming cargoes from France, Russia, Sweden and the UK meant that inventories rose on the week. The barge congestion that had affected tanker and barge loadings particularly around the Amsterdam area in recent weeks eased.
Fuel oil inventories rose on the week. Two VLCCs that had been waiting in the Rotterdam area left the region without loading any fuel oil. But at least one tanker did depart for west Africa, and cargoes arrived from Lithuania, Russia and Poland. No fuel oil fixtures have been booked to leave ARA for Singapore in the coming weeks.
Reporter: Thomas Warner