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Numbers from EY (2015) show that in the Netherlands around 16.000 people were active in the oil and gas industry. In the same year in the United States some 1.5 million people were employed in this sector. The service providing companies are not even taken into account. It is a massive industry!
It is not only big in size but also in complexity. A lot of companies that we meet only partly understand the logistical oil and gas chain in which they are active. They lack the knowledge to oversee the entire supply chain. Specifically these other parts of the value chain have a direct impact on their business.
Several companies have followed our two-days Oil Academy. After these days they are capable in understanding the functions of the oil and gas value chain. They understand better how the different market players work and how market fundamentals interact. More than 200 participants preceded you and rated this course with an 8!
For more information, request our Oil Academy brochure by registering in below’s form.
In the world, there are considered to be four major oil trading hubs: ARA, Singapore, Fujairah. These four port areas have their own different identity and their own local trading dynamics. In this high level research, we will compare investment intensity in these locations. For comparison purposes in ARA, we have split ARA in only Rotterdam and Antwerp.
In these 5 ports combined there are 146 terminal companies active. Most of the companies are situated in Houston (53), followed by Rotterdam (31), Antwerp (24), Singapore (21) and Fujairah (17). Looking at the capacity, these ports sum up to 76.35Mcbm. Most capacity is available in Houston (25Mcbm), followed by Rotterdam (19Mcbm), Singapore (15.28Mcbm), Fujairah (9.35Mcbm) and Antwerp (7.65Mcbm).
When we divided total storage capacity with the number of terminals we can calculate the average capacity per terminal. Biggest average tank size is in Singapore (0.73Mcbm), followed by Rotterdam (0.62Mcbm), Fujairah (0.55Mcbm), Houston (0.47Mcbm) and Antwerp (0.32Mcbm).
This calculation says something about the local storage footprint and the port’s specialty. For instance, Singapore is an Asian bunker hub which facilitates fuel oil storage. There are a number of big underground caverns there. Antwerp is focused on specialty chemical storage which need smaller tank sizes and lower average storage capacity per terminal.
For these five port areas, it is believed that around 22 expansions projects (existing greenfield, brownfield and planned additions) will add almost 8kcbm to current capacity. Fujairah has 7 projects, followed by Houston (6), Antwerp (5), Singapore (3) and Rotterdam. Looking at the growth per capacity, port that shows the largest storage additions is Fujairah (29%), Antwerp (11%), Houston (9%), Rotterdam (7%) and Singapore (5%).
The conclusion of these statistics is that the major oil trading hubs have different strengths, serve a different purpose and show their own investment dynamics. Insights Global has presence at all these ports. We have the statistics and local knowledge to help investment companies value storage assets they would like to include in their investment portfolio.
Jacob van den Berge, M&S manager Insights Global
London, 28 February (Argus) — Oil product stocks held in independent storage tanks in the Amsterdam-Rotterdam-Antwerp (ARA) trading hub fell for the third consecutive week to nine-week lows.
Inventories of all products fell. Naphtha stocks recorded the largest reduction in percentage terms, decreasing to 219,000t. The Ablianideparted the region for Venezuela, as part of the country’s efforts to replace naphtha volumes lost to US sanctions. Barge flows to inland end users fell week on week amid rising freight rates on the Rhine. Tankers arrived in the ARA area from France, Russia and Spain.
Fuel oil inventories fell to 911,000t and economics to ship European product to the Asia-Pacific region remained viable, according to data from consultancy PJK. A single Suezmax tanker departed the area for Singapore, but the very large crude carriers (VLCCs) Nave Electron and VL Prime are awaiting loading in Rotterdam.
Jet fuel stocks fell to 612,000t. The Zefyros arrived in Rotterdam from the Mideast Gulf on 26 February and is due to offload a 35,000t cargo today. A single tanker departed for the UK. Jet kerosene continues to arrive in northwest Europe from east of Suez, but tends to discharge in the UK and France.
Gasoline inventories fell to 1.1mn t, amid rising outflows to the US Atlantic coast. Stored volumes have been falling steadily since reaching 11-month highs in January. Tankers departed the ARA area for China, Latin America, Singapore, the US and west Africa. Tankers arrived from France, the Mediterranean, Norway and Sweden.
Gasoil inventories fell to 2.4mn t. Demand from inland fell slightly week on week, again affected by rising Rhine freight rates. Tankers arrived from Poland and Russia, and departed for the Mediterranean and west Africa. Outflows were supported by ample stored volumes. Inventories rose by around 600,000t between mid-December and mid-February to 2.5mn t but have fallen over the last two weeks.
Reporter: Thomas Warner
London, 21 February (Argus) — Oil product stocks held in independent storage tanks in the Amsterdam-Rotterdam-Antwerp (ARA) trading hub fell to eight-week lows today.
Fuel oil stocks recorded the largest fall in percentage terms as economics to ship European product to the Asia-Pacific region remained viable, according to data from consultancy PJK. The very large crude carrier (VLCC) Xin Lian Yang — chartered by Petroineos — departed Rotterdam on 17 February with 270,000t of fuel oil for Singapore. Trafigura booked the VL Prime that will soon load 270,000t of cracked fuel oil from Rotterdam, with the same destination. ARA fuel oil exports offset import levels from France, Poland, Russia and the UK.
Independent gasoline stocks fell to their lowest since 20 December. Cargoes took some gasoline from the ARA region to the US despite unworkable arbitrage economics. The decline came mostly from exports to Latin America, the Mediterranean, west Africa, east of Suez and Suez for orders.
Product restocking in Germany and Switzerland, declining Rhine water levels and a ban on single-hull barges has limited vessel availability across refined product markets. Consequently, market participants are loading gasoline in Antwerp on cargoes to discharge in the Amsterdam area, where most of the blending activity for the European market takes place.
In the gasoil and naphtha markets, firms are looking to transport product inland before declining Rhine water levels further restrict barge loading.
Inland demand for gasoil was at its highest in over one year, PJK said. This offset high import levels from Russia, the UK and the US. But gasoil inventories remain higher than a year earlier, and at their highest since early November on a four-week rolling average basis.
Trading firms are refilling stocks that Germany’s EBV strategic reserve released when Rhine water levels were low in October. But activity could slow as last week EBV’s diesel stocks were already replenished.
Restocking activity on the jet fuel market has already decreased, with just one barge booked to take product inland this week.
A single cargo arrived into Rotterdam on 18 February with 65,000t of jet fuel from Qatar on the Cielo Di Rotterdam. A smaller vessel arrived into the ARA trading hub from Finland. And a tanker exported product to the UK, where there is firm buying interest to blend jet fuel with diesel to improve cold properties.
Demand to move naphtha inland from the ARA region was strong for stocking ahead of planned petrochemical maintenance from mid-April. Naphtha arrived into the trading-hub from Algeria and from within Europe, while no outgoing cargoes were reported.
Reporter: Rowena Caine
Oil product stocks held in independent storage tanks in the Amsterdam-Rotterdam-Antwerp (ARA) trading hub rose marginally during the past week, prompted by gains in gasoil and fuel oil inventories.
Fuel oil stocks climbed this week on week because of higher imports. The ARA region received fuel oil from Finland, France, Latvia, Poland, Russia, the US and the UK. One tanker left Rotterdam for west Africa with a fuel oil cargo to supply the local bunkering market. Falling freight rates on the Europe to Singapore route boosted demand for very large crude carrier (VLCC) cargoes.
Diesel stocks also rose during the past week. The economics for importing diesel form the Middle East to Europe firmed last week, stimulating flows from the east. Meanwhile, cold weather in the US bolstered demand for diesel, making less material available to be shipped to Europe. It also pushed prices higher, denting the economics for exporting the product.
Gasoline stocks fell during the past week. The northwest European and Mediterranean markets remain well-supplied with gasoline. US gasoline stocks have been rising, dampening demand for European products. The latest report from the EIA showed that stocks on the Atlantic coast — crucial for arbitrage economics between the US and Europe — hit the highest level since February 2017 during the week to 1 February. Likewise, the outlook for exports to the Middle East is bleak, owing to the restart of the 127,000 b/d residual fluid catalytic cracker at the UAE’s Ruwais-2 refinery following a two-year shutdown.
The European naphtha market has also been oversupplied as demand for the product from gasoline blenders has been at a low level because of weak margins. Demand for naphtha from the petrochemicals sector has also been soft as rival feedstock propane has been more competitive. But stocks fell marginally as some product was exported to South Korea.
And jet fuel stocks fell slightly from the prior week as the ARA region exported product to the UK and Ireland, while some jet fuel was imported from India. The tanker N Mars arrived into Rotterdam on 1 February with 60,000t of jet fuel from India.
Reporter: Sergei Balashov
London, 31 January (Argus) — Oil products held in independent storage tanks in the Amsterdam-Rotterdam-Antwerp (ARA) trading hub fell on the week, with a sharp fall in fuel oil inventories outweighing stock rises in every other recorded product.
Fuel oil inventories fell by 27pc week on week to their lowest level since 29 November 2018. Falling stocks levels in Asia-Pacific and lower freight rates in January helped open arbitrage routes and stimulated bookings of several very large crude carriers (VLCCs). No VLCCs were recorded leaving the ARA area during the week to today but at least three Suezmax and one Aframax tanker departed the area for the Mediterranean and west Africa. Incoming tankers arrived from Poland, Russia and the UK.
Naphtha inventories increased, rising from a low base after reaching their lowest level since November 2017 a week earlier. Tankers arrived from Algeria, Russia, Spain and the UK and none were recorded leaving. Vitol booked the Star Energy to carry a 120,000t cargo from the ARA area to Asia-Pacific with loading set for 31 January.
Gasoil inventories rose, increasing for the fourth consecutive week to reach the highest level since the week to 8 November 2018. Firm demand for heating fuels bolstered demand from end-users in the northwest European hinterland, supporting Rhine barge flows. Tankers arrived from Lithuania, Poland, Russia, Saudi Arabia and the US. Tankers departed for Denmark, France and the UK.
Gasoline stocks rose, remaining around the nine-month high recorded in recent weeks. Ample supply in north America continues to exert downward pressure on demand for northwest European volumes, but outflows remained healthy with tankers departing for the Mideast Gulf, Brazil, the US, west Africa and to Suez for orders. Tankers arrived from France, Italy, Spain and the UK carrying a variety of different grades of gasoline.
Jet fuel stocks rose by 5pc to reach a 16-week high amid firm demand relative to other regions. Ample supply in the Mediterranean and US Atlantic and Gulf coasts, coupled with an influx of cargoes arriving from east of Suez will continue to jet fuel flows into northwest Europe. Tankers arrived from the Mideast Gulf and South Korea, and departed for the UK.
Reporter: Tom Warner
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
