Author: admin

London, 28 January (Argus) — Oil products held in independent storage tanks in the Amsterdam-Rotterdam-Antwerp (ARA) trading hub were steady on the week.

Gasoil inventories rose, increasing for the third consecutive week to reach the highest level since the week to 8 November 2018. Firm heating oil demand from end-users in the northwest European hinterland supported Rhine barge flows.

Fuel oil inventories fell by 8.8pc week on week. The very large crude carrier (VLCC) As Suwayq departed Rotterdam for Singapore carrying a 270,000t cargo.

Gasoline stocks fell, but remained around the nine-month high recorded in recent weeks. The four-week rolling average of gasoline inventories hit its highest level since Argus began recording PJK’s ARA stocks data in 2011, at 1.37mn t. Ample and rising supply in north America has significantly reduced demand from the US Atlantic and Gulf coasts, limiting outflow opportunities for northwest European volumes. Tankers arrived from Finland, Spain, Russia, Sweden and the UK. Tankers left the area for Canada, the Mediterranean, the US and to Suez for orders.

Naphtha inventories fell to reach their lowest since November 2017, as northwest European end-users continued to move volumes inland ahead of anticipated falls in Rhine water levels. Demand from gasoline blenders remained subdued.

Jet fuel stocks rose to reach a seven-week high amid seasonally low demand. A single tanker arrived in the region from the UAE and none departed. Ample supply in the Mediterranean and US east coast regions is likely to make northwest Europe a more attractive destination for cargoes arriving from the east of Suez in the coming weeks.

Reporter: Tom Warner

London – Oil product volumes held in independent storage tanks in the Amsterdam-Rotterdam-Antwerp (ARA) trading hub were broadly unchanged on the week today.

Gasoil inventories rose this week. Demand from the European hinterland rose week on week to reach its highest level since May 2018, with falling temperatures continuing to bolster demand for heating oil. But the increase in barge flows was more than offset by an rise in seaborne volumes from from Latvia, Russia and the US, for the second consecutive week.

Fuel oil inventories fell week on week. The very large crude carrier (VLCC) As Suwayq remained in Rotterdam loading a 270,000t for Singapore delivery. Three eastbound VLCC bookings have emerged so far during January, compared with none in December. This is mostly a result of falling freight rates, and high inventories in Europe compared with the Asia-Pacific region. A single Suezmax departed for Singapore during the week to today.

Gasoline stocks remained around the nine-month high recorded in recent weeks. Ample supply in north America weighed on demand from the US Atlantic coast and the US Gulf, weighing on northwest European prices and stimulating an increase in tanker bookings for destinations east of Suez.

Naphtha inventories fell as a result of firm demand from inland petrochemical end-users. An anticipated fall in Rhine water levels helped add urgency to naphtha buying from the petrochemical sector this week, but demand from gasoline blenders remained low on ample supply in key markets.

Jet fuel stocks rose amid lower demand week on week. No jet barges were recorded leaving ARA for discharge along the Rhine, and the Long Range 2 (LR2) tanker SFL Trinity arrived in Rotterdam carrying a 90,000t cargo from Ruwais on 15 January. It was not clear whether the entire cargo was offloaded.

Reporter: Tom Warner

London: Oil products held in independent storage tanks in the Amsterdam-Rotterdam-Antwerp (ARA) trading hub rose on the week today, prompted by a rise in fuel oil stocks.

Gasoil inventories were broadly stable. Demand from the European hinterland rose week on week, with falling temperatures bolstering demand for heating fuels. But the increase in barge flows to inland destinations was more than offset by an increase in seaborne volumes. Tankers arrived from the Baltic, Russia, the US and west Africa and departed for France.

Fuel oil inventories recorded by far the largest increase of the products surveyed, rising by 23.7pc week on week. The very large crude carrier (VLCC) As Suwayq is currently loading a 270,000t cargo in Rotterdam for Singapore delivery. ARA fuel oil inventories typically rise until eastbound outflows become viable. Arbitrage economics to Singapore remain workable with three more VLCC cargoes booked to load between today and 5 February. Fuel oil tankers arrived from France, Poland, Russia and the UK.

Gasoline stocks slightly fell, remaining around the nine-month high recorded a week earlier. Demand for finished grade gasoline from inland consumers rose from a low base, and outflows to the US were also higher. But ample supply in key export markets will continue to exert long-term downward pressure on demand for northwest European gasoline. Tankers left the area for the US, west Africa and Latin America and arrived from France, Italy, Sweden and the UK.

Naphtha inventories fell by 9.4pc following the departure of the Long Range 2 (LR2) tanker Aldana to Asia-pacific with an 80,000t naphtha cargo. Weaker European demand pushed the northwest European naphtha market into contango on 7 January, which is likely to support storage economics as well as additional eastbound flows. Tankers arrived from France, Norway, Portugal, Spain and the UK.

Jet fuel stocks slumped to their lowest since 10 August 2017, falling on the week. Demand from other regions has diverted cargoes away from the ARA area since the start of the year, and tankers have mostly arrived into the UK and France. Storage economics have been impacted by the jet market’s moving into backwardation on 4 January. A single 30,000t cargo arrived in the ARA area from the UK during the reporting period, but had not unloaded at the time of writing. A single tanker departed for the UK this week.

Reporter: Thomas Warner

London, 3 January (Argus) — Oil products held in independent storage tanks in the Amsterdam-Rotterdam-Antwerp (ARA) trading hub today are 5pc up on the week, at 5.47mn t.

Gasoil inventories are broadly stable, falling by 0.7pc to 2.04mn t. Demand from the European hinterland was marginally lower week on week, but seaborne outflows rose and tankers departed for Argentina, the Mediterranean and the UK in the week. Tankers arrived in the ARA from the Baltic region, Canada, Russia and the US.

High volumes of incoming and outgoing fuel oil cargoes ultimately resulted in a 12pc week-on-week rise in inventories to 1.2mn t, with tankers arriving from Canada, Latvia, Poland, Russia and the UK. Tankers departed for the Mideast Gulf, the US, and west Africa, and the Suezmax Stena Superior departed for Singapore on 28 December.

Gasoline stocks have increased by 7.7pc, to 1.37mn t, the highest level recorded since 29 March 2018, amid persistent slow demand from key export markets. Tankers left the area for Latin America and west Africa. Tankers arrived in the ARA area from France, Italy, Norway, Spain and the UK.

Naphtha inventories rose by 23.3pc to 265,000t, supported by the arrival of an LR2 tanker from Algeria and smaller tankers from Denmark, France and the UK. A single tanker departed the region during the reporting period, with Equinor sending a 90,000t cargo to Asia-Pacific likely laden with naphtha from Mongstad and with volumes stored in the ARA area.

Jet fuel stocks slumped to fresh seven month lows, down by 0.5pc on the week. A single tanker departed for the UK.

Rhine barge loadings remained unrestricted, but water levels at Kaub fell by 209cm over the course of the week to reach 181cm today.

Reporter: Tom Warner

London — Oil products held in independent storage tanks in the Amsterdam-Rotterdam-Antwerp (ARA) trading hub increased by 2.4pc on the week today to 5.03mn t.

Fuel oil inventories increased by 22pc on the week to reach an eight week high (see table). The very large crude carrier (VLCC) Neptun is currently awaiting loading in Rotterdam for east of Suez discharge. Tankers arrived from France, Italy, Russia and the UK. Fuel oil stocks can be subject to greater changes as a result of the use of larger tankers to carry cargoes eastward.

Gasoil stocks declined by 5.1pc to their lowest level since 21 June. Inland buyers took advantage of a recovery in Rhine water levels to replenish stocks of diesel and heating oil. Liquidity in the German 10ppm diesel fob ARA barge market has doubled in the last two weeks. German diesel barges also moved to a premium to their Hamburg-delivered cargo counterparts, likely encouraging the sale of smaller parcels for shipment up the Rhine. Tankers arrived in the ARA area from the Baltic and Mediterranean regions, and departed for the UK and west Africa.

Gasoline stocks fell by 1.8pc to a six week low. Cargoes departed for the Mideast Gulf, Canada, the US and west Africa. Transatlantic and west African demand rose on the week, drawing more gasoline out of the area, and flows of gasoline blending components from inland destinations rose to support ARA inventories. Gasoline cargoes arrived from Denmark, Finland, France, the Mediterranean and the UK.

Naphtha inventories rose by 6.3pc as a result of a steady flow of incoming cargoes. Tankers arrived from Algeria, the UK and the US while none departed. Demand from inland petrochemical end-users rose, again supported by the rise in Rhine water levels.

Jet fuel stocks fell by 1.7pc to reach their lowest level since 11 May. A tanker arrived from Finland, likely for use in gasoil blending. A single tanker was recorded leaving for the UK.

Reporter: Thomas Warner

London, (Argus) — Oil products held in independent storage tanks in the Amsterdam-Rotterdam-Antwerp (ARA) trading hub increased by 1.7pc on the week today to 4.9mn t. A sharp rise in fuel oil stocks outweighed declines in every other product.

Fuel oil inventories increased by 18.5pc on the week hitting a three week high. Cargoes arrived from France, Poland, Russia and the UK. A Suezmax and Aframax departed for Singapore. Stocks increased ahead of the loading of a very large crude carrier (VLCC) — the Neptun — due to arrive next week.

Gasoil stocks declined by 1.4pc to a six month low. A rise in Rhine water levels allowed exports from ARA to reach the German inland market, which weighed on stock levels. Cargoes also left for the US and west Africa. Tankers from the Baltic and Russia.

Gasoline stocks fell by 1.3pc to a three week low, as cargoes departed for west Africa and product loadings along the Rhine increased. Products arrived from France, Germany, Sweden and the UK.

Naphtha inventories declined by 7pc. Cargoes arrived from Algeria, France, Spain and the UK. As with gasoil and gasoline, naphtha demand from inland Europe is likely to have increased as a result of higher Rhine water levels.

Jet fuel stocks fell by 3.7pc, also a three week low. Exports to the UK outweighed imports from the Mideast Gulf, which totalled just one cargo.

London – Oil product stocks held in independent storage within the Amsterdam-Rotterdam-Antwerp (ARA) trading hub fell by 2.4pc on the week today to 4.83mn t, the lowest recorded since 30 November 2017.

Fuel oil stocks fell by 13pc amid strong demand from east of Suez. The Solomon Sea left Rotterdam on 27 November carrying a 100,000t cargo. Smaller tankers also left the ARA area for the Mideast Gulf and west Africa. Cargoes arrived from France, Russia and the UK.

Gasoil stocks fell by 3pc, the lowest level recorded since June. Low Rhine water levels continued to affect the market, limiting barge flows from the ARA into Germany. Market participants continued to use tankers to load gasoil in the ARA area and transporting it to north German seaports for onward distribution. Demand from inland fell on the week, impacted by higher freight rates. Tankers arrived from Russia and departed for Germany, France, the UK and west Africa.

Gasoline stocks rose by 1.1pc. The US Atlantic and Gulf coasts remained well supplied, limiting interest in European gasoline from across the Atlantic. West Africa was the only region to receive gasoline cargoes from the ARA during the week to today. Gasoline flows into Germany were steady but volumes of blending components coming the other way fell on the week because of weakening gasoline refining margins.

Naphtha stocks rose by 28pc. Inventories were supported by the contango structure in the naphtha market, resulting from an ongoing supply overhang. Demand both from gasoline blenders and petrochemical users remained low during the week to today, and barge flows up the river Rhine to inland end-users dwindled. No tankers left the ARA area and tankers arrived from Algeria, Libya, Russia, Sweden and the US.

Jet fuel stocks rose by 1.7pc to a seven-week high of 656,000t. Tankers arrived from the east of Suez into UK ports, easing the regional tightness seen in regional weeks, and demand was lacklustre. The Fos Picasso arrived into Rotterdam on 27 November with 90,000t of jet fuel from the UAE but had not offloaded at time of writing. As with other products, barge flows into Germany were constrained by low water levels.

London, (Argus) — Oil product stocks held in independent storage within the Amsterdam-Rotterdam-Antwerp (ARA) trading hub rose by 1.4pc from a week earlier to 4.95mn t, after reaching an 11-month low a week earlier.

Gasoil stocks fell by 5.1pc to 2.1mn t, the lowest level recorded since June. Supply remained tight in Europe, prompted by disruption to German refining activity caused by low Rhine water levels. Gasoil premiums to North Sea Dated crude consequently averaged more than $23/bl for the second consecutive week, for the first time since November 2012. High Rhine barge freights continued to motivate market participants to transport gasoil volumes by tanker into northern German ports. Tankers carrying gasoil arrived in the ARA area from Latvia, Russia and the US, and departed for France, Germany, the UK and west Africa.

Gasoline stocks rose by 7.9pc to 970,000t. The US Atlantic and Gulf coasts remained amply supplied, limiting interest in European gasoline from across the Atlantic. West Africa was the primary source of demand, with tankers leaving the ARA for that region and for the Mideast Gulf. Tankers arrived from Finland, France and the UK. Disruption to Rhine traffic limited gasoline flows beyond Duisburg, where volumes are being loaded onto trucks for transport into the hinterland.

Fuel oil stocks rose by 13.6pc to 1.04mn t, with strong demand from east of Suez drawing cargoes into the ARA area for onward transport to Singapore. At least one tanker left the area for west Africa, and vessels arrived from Canada, Poland, Russia, the UK and the US. The Solomon Seais due to depart Rotterdam for Singapore on 23 November carrying a 100,000t cargo.

Naphtha stocks fell by 10.6pc to 202,000t, the lowest total since November 2017. Tankers left the ARA area for Asia-Pacific and the Mediterranean, and arrived from Italy, Russia, the UK and the US. Naphtha flows into Germany remained under downward pressure from low water levels, but naphtha demand from gasoline producers in the ARA area was supported by blending for export to west Africa.

Jet fuel stocks rose by 1.4pc to 645,000t. Inland demand continued to be met largely by pipeline flows with high Rhine barge freight rates impacting the use of barges. Recent tightness in northwest European supply drew in at least one partial cargo from the Mideast Gulf, while a single tanker departed for the UK.

Reporter: Thomas Warner