ARA oil product stocks rise on the week
London, 4 July (Argus) – Inventories of oil products independently held in Amsterdam-Rotterdam-Antwerp (ARA) have increased by in the week to 3 July, buoyed by a rise in gasoil stocks, according to consultancy Insights Global.
Gasoil inventories rose. Production of middle distillates in the region is rising as refineries in northwest Europe return from planned or unplanned outages. These include three German facilities — Schwedt, Leuna refinery and Vohburg refineries — as well as the Rotterdam refinery and Cressier plant.
Gasoline inventories fell on the week as a result of higher exports to the US Atlantic coast and Canada. An increase in gasoline blending activity caused barge congestion in Amsterdam and Rotterdam as market participants moved finished grade product and components around the area. Tankers departed ARA area for Brazil, west Africa and northern Germany. But increasing refining activity in Germany is likely to curtail gasoline tanker movements from ARA to the country. Gasoline cargoes arrived from the Baltics, Finland, Norway, Spain and the UK.
Naphtha inventories rose on the week, after falling by a similar amount the previous week. Rising northwest European naphtha prices attracted cargoes from Algeria, Norway, Portugal, Russia and the UK.
Fuel oil inventories fell on the week. Tankers departed for the Mediterranean, west Africa and the Suezmax Minerva Evropi left Rotterdam for Singapore. Cargoes arrived in the ARA from France, Lithuania, Russia and the UK.
Jet fuel stocks in ARA fell back slightly from the two-year highs recorded during the last three weeks. Demand rose in line with seasonal expectations. But the return to service of the Leuna refinery weighed on demand for jet fuel barges on the river Rhine, as supply from inland increased. Jet fuel tankers arrived from the UAE and departed for the UK and Ireland.
Reporter: Thomas Warner