ARA Oil Products Stocks Fall Back
London, 24 January (Argus) — The total volume of oil products held independently in storage in the Amsterdam-Rotterdam-Antwerp (ARA) area fell on the week after reaching their highest since 19 September a week earlier, according to the latest data from consultancy Insights Global.
Gasoline inventories fell on the week. Demand from the US remained low with US Gulf Coast inventories at record highs. Tankers did depart for west Africa, Puerto Rico, Brazil and the Mediterranean. Some of the gasoline heading for the Mediterranean may travel on to the Mideast Gulf, where supply is tightening ahead of scheduled refinery turnarounds.
Gasoil inventories fell to reach their lowest level in over a month. Cargoes arrived from the US, the UK, Norway and France. Tankers departed the area for Germany and the UK. A fall in diesel margins over the past few weeks may have prompted run cuts in the area, leading to a draw on existing volumes.
Fuel oil stocks fell to reach three-week lows. A single cargo arrived in the area, from Denmark. Tankers departed for Spain, Greece, the UK and France. Jet kerosine inventories also fell heavily, dropping by around 8pc on the week to reach their lowest level since January 2017. No tankers arrived in the ARA area and cargoes departed for the UK.
Naphtha inventories fell to reach five-week lows. Tankers arrived from France and Russia and none departed. Demand from petrochemical buyers along the river Rhine rose week on week, as end-users refilled their storage units following a period of end of year destocking during December.
Reporter: Thomas Waner