ARA Oil Product Stocks Rise on the Week
London, 12 September (Argus) — Inventories of oil products independently held in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub have increased in the past week, driven by a rise in gasoline stocks.
Inventories of all other surveyed products fell in the week to 11 September. But gasoline stocks rose to hit a four-week high, with a high volume of incoming cargoes more than offsetting increased outflows particularly to transatlantic destinations.
Gasoline tankers have arrived from the Baltics, France, the Mediterranean, Norway, Russia and the UK in the past week. Congestion at terminals in Antwerp and Amsterdam affected both tanker and barge loadings, some of which were delayed. Meanwhile, gasoline tankers departed ARA for Canada, Latin America, the US and west Africa.
Inventories of gasoil, fuel oil, naphtha and jet fuel all fell. Naphtha stocks dropped on the week. Cargoes arrived in ARA from Algeria, Norway, Portugal, Russia, Spain and the UK. But these were generally on small tankers, with the naphtha heading straight to gasoline-blending plants rather than being stored. Barge traffic to inland petrochemical facilities was constrained by scheduled maintenance and unplanned turnarounds at several sites.
Gasoil inventories declined by around 1pc on the week in a broadly stable market. Demand for gasoil barges along the river Rhine was steady in the week to 11 September but could tick down ahead of a projected fall in Rhine water levels, which increases barge freight rates. Gasoil tankers arrived in ARA from Poland and Russia in the past week and departed for the UK and west Africa.
Fuel oil inventories fell by around 1pc on the week. No tankers departed for Singapore, but the Sydney Spirit did depart for west Africa. Tankers arrived from France, Italy and Russia. Jet fuel stocks in ARA dropped by 4pc, with no tankers arriving from elsewhere to replenish volumes used by the aviation sector.
Reporter: Thomas Warner