Category: Nieuws

London, 26 July (Argus) — Oil products held in independent storage tanks in the Amsterdam-Rotterdam-Antwerp (ARA) trading hub declined this week because of a large drop in gasoline inventories.

Gasoline stocks dropped by more than 12pc week on week, largely because of a high level of exports. European gasoline was shipped to the Mideast Gulf, Latin America, the US and west Africa, where demand rose significantly compared with the prior week. Exporters have been facing increasingly unworkable spot arbitrage economics between Europe and the US. But stocks in the US dropped to the lowest level since 11 May this week, which will likely stimulate transatlantic exports.

Fuel oil stocks also fell, dropping by 2.5pc from the prior week. The VLCC Nisalah finished loading fuel oil from Rotterdam and departed for Singapore, resulting in a decline in inventories. Imported volumes increased, partially offsetting the impact of exports on stocks. No new VLCC bookings have surfaced so far this week as the economics for exporting fuel oil to Asia-Pacific weakened.

Jet fuel stocks dropped by 5pc from the prior week as no product was imported and demand remained strong. Arrivals from east of Suez and the US were offloaded into other ports in northwest Europe, including Le Havre.

Gasoil stocks increased despite unviable US Gulf coast diesel arbitrage economics to northwest Europe. Product continued to arrive from the Mideast Gulf and a flurry of MR tanker bookings have emerged in recent days to load Baltic diesel for European discharge, which is likely to keep the European gasoil market well-supplied. Inland demand remains firm, but persistently low Rhine water levels have reduced barge loading capacity and drove barge freight rates higher, contributing to the increase in stocks.

And naphtha stocks rose marginally, climbing by just 1,000t on the week. The ARA region imported the product from France, Portugal, Sweden and the UK during the week. Demand from European gasoline blenders rose slightly, offsetting the impact of comparatively high imports.

London, 19 July (Argus) — Oil products held in independent storage tanks in the Amsterdam-Rotterdam-Antwerp (ARA) trading hub rose by 6pc week on week to 5.8mn t today.

The increase was mostly driven by a 13pc rise in total fuel oil inventories, but stocks of most other oil product rose as barge freight rates continue to rise, weighing on demand. Barge freight rates on the Rotterdam-Karlsruhe route increased by 26pc on the week to $24/t and are now at their highest level since at least July 2017. Jet fuel stocks fell amid high seasonal demand.

Fuel oil inventories rose with no very large crude carriers (VLCCs) departing the area in the week to today. The VLCC Stallion, chartered by South Korea’s SK Energy to carry a 270,000t cargo to Singapore, was loading during the reporting period. The VLCC Fida, chartered by Shell to also carry a 270,000t cargo to Singapore, began loading on 14 July. Smaller cargoes left the area for the Mideast Gulf and the Mediterranean. Stored volumes were supported by cargoes arriving from the Black Sea, France, Russia, Spain and the UAE.

Gasoil inventories rose by 2.5pc, supported by an influx of diesel arriving from the UAE on board the VLCC Stallion. The newbuild was chartered by Asia-Pacific trading firm Winson Oil to carry a 270,000t ultra-low sulphur diesel (ULSD) cargo to northwest Europe from Fujairah, arriving 10 July. The tanker partially discharged via ship-to-ship transfer offshore Southwold in the UK, before unloading fully in the port of Rotterdam, and being chartered to carry fuel oil to Singapore.

As with other products, the high Rhine barge freight rates impacted gasoil outflows. Barge freight rates on at least one route rose to double the cost of the equivalent pipeline transfer. Cargoes arrived from Russia, Saudi Arabia and the UAE.

Gasoline inventories rose by 9pc. Transatlantic outflows remained at the levels seen in recent weeks but outgoing volumes to west Africa were lower on the week. Cargoes departed the ARA area for Canada, Latin America, the US and west Africa. Cargoes arrived from Finland, France, Norway and the UK.

Naphtha stocks rose by 3pc, supported by rising volumes of cargo arriving from Algeria. Demand from inland petrochemical end-users firmed on the week as falls in underlying crude prices boosted cracking margins. Cargoes arrived from Algeria, France, Portugal, Russia and the UK. None left the area during the reporting period.

Jet kerosine stocks fell by 1.8pc as demand remained strong through the peak summer flying season. And buying interest for jet fuel barges in the ARA increased, with market participants seeking to move volumes to regional airports. The Sti Precision arrived into Rotterdam on 13 July with 65,000t of jet fuel from Bahrain. A single cargo departed the ARA hub for the UK.

Reporter: Thomas Warner

London, 12 July (Argus) — Oil products held in independent storage tanks in the Amsterdam-Rotterdam-Antwerp (ARA) trading hub fell by 2pc week on week to 5.5mn t today.

The decrease was prompted by a 20pc fall in total fuel oil inventories. Other oil product stocks rose, as low water levels on the Rhine continued to weigh on flows.

Fuel oil inventories fell although no very large crude carriers were reported leaving ARA this week. Cargoes — including two loaded on the Suezmaxes the Bouboulina and the Delta Hellas — departed for the Mideast Gulf, the Mediterranean and Singapore. Cargoes arrived from Estonia, Russia, the UK and Canada. Inflows from Canada are sporadic and tend to be high sulphur fuel oil.

The VLCC Fida is due to begin loading fuel oil from Rotterdam on 14 July.

Naphtha recorded the highest rise in percentage terms. Stocks rose by 11pc amid weaker demand from gasoline and petrochemical end-users. Around half the usual volume left the ARA on barges amid higher Rhine freight costs, which hit their highest since August 2017. Cargoes arrived from Algeria, Norway, Portugal, Russian and the UK.

Gasoil inventories rose by 5pc on weaker demand for heating oil and industrial gasoil. Gasoil cargoes arrived in the ARA area from Russia, the UAE and the US. Tankers departed for the Mediterranean and the UK.

Jet kerosine stocks rose by 4pc, reaching their highest since 16 November 2017. Demand for jet kerosine is seasonally steady but outflows were limited by barge loading restrictions. A 70,000t cargo arrived from Saudi Arabia, and two tankers left the ARA area for Norway and the UK.

Gasoline inventories were broadly stable, rising by less than 1pc. Outflows to North America were healthy, at around 185,000t, but outgoing volume was offset by inflows from the Mediterranean and northwest Europe. Cargoes also departed the ARA area for the Mideast Gulf and the Mediterranean. Cargoes departed the ARA for Argentina, Canada, Latin America, west Africa and the US. Cargoes arrived from Denmark, France, Italy, Spain and the UK.

Reporter: Thomas Warner

London, 28 June (Argus) — Oil product stocks held in independent storage tanks in the Amsterdam-Rotterdam-Antwerp (ARA) trading hub rose by 2pc week on week to reach 5.7mn t today.

The increase in total stocks was driven by a 5pc rise in fuel oil inventories to around 1.61mn t, the highest level on record. The rise in fuel oil inventories resulted from high levels of incoming cargo and volume awaiting loading onto two very large crude carriers (VLCCs) currently docked in Rotterdam.

Fuel oil cargoes arrived in ARA over the last week from the Black Sea, Estonia, Norway and Russia. Cargoes left the area for the Mediterranean.

Gasoil stocks were steady. Demand from inland Germany firmed on the week but remains below the seasonal average. Low Rhine water levels impacted diesel and gasoil loadings, which are at around 70pc of their normal levels. Diesel demand from France and Switzerland was firm amid lower inventories in the two countries. Gasoil cargoes arrived in the ARA area from Russia, the US and west Africa. Cargoes left for France, Germany, Portugal and the UK.

Naphtha stocks recorded the largest percentage rise, increasing by 7pc amid weakening demand from petrochemical end users and a lack of interest from gasoline blenders. Barge loadings restrictions on the river Rhine also affected Naphtha flows. Cargoes arrived from Algeria, Russia, Spain and the UK.

Jet kerosine stocks were steady amid stable demand. A 90,000t cargo arrived in the ARA area from Yanbu, discharging on 25 June in Antwerp. A single cargo left the area for the UK.

Gasoline inventories declined slightly amid rising transatlantic exports and higher outflows to other European markets. Cargoes departed ARA for Canada, Denmark, France, Germany, Latin America, the US and west Africa. Cargoes arrived from Italy, Lithuania, Norway, Sweden and the UK.

Reporter: Thomas Warner 

London, 21 June (Argus) — Oil products held in independent storage tanks in the Amsterdam-Rotterdam-Antwerp (ARA) trading hub fell by just over 2pc week-on-week to reach 5.6mn t today.

The decrease in total stocks was driven by a 5pc fall in gasoil inventories, to around 2mn t. Diesel demand from inland Germany is firmer relative to recent weeks, and falling Rhine water levels have prompted a pick-up in gasoil barge traffic on the river in expectation of higher freight prices.

Gasoil cargoes arrived in the ARA area from Finland, Russia and the US at lower levels than those reported in recent weeks. Significant diesel volumes are currently being booked to arrive in Europe from east of Suez. Vessels left the area for Spain and the UK. The premium of second-month Ice gasoil futures to the front-month contract rose on 20 June to its highest in more than three months, at $1/bl.

Fuel oil stocks rose by 3.6pc on the week to a 15-month high of 1.53mn t, having built up in recent weeks amid minimal fuel oil loadings in Rotterdam and steady imports. Stocks should fall next week as two Singapore-bound VLCCs are currently in Rotterdam waiting to load up to 540,000t of fuel oil. The two vessels – Front Prince and Saham – booked by trading firm Vitol and an unnamed charterer, respectively, are the first VLCCs booked on the route to Asia-Pacific since March.

Gasoline stocks fell by 4pc week-on-week as a result of lower import volumes and an increase in exports, particularly to the US. But stock levels remain high and the European gasoline market continues to be oversupplied. Cargoes arrived from Finland, France, Norway and the UK. Vessels left the area for Algeria, the Mideast Gulf, Canada, Estonia, Latin America, west Africa and the US.

Jet fuel stocks declined by 3pc over the past week amid seasonally high demand and no seaborne cargo arrivals. Demand from buyers along the Rhine also firmed. A single cargo left the ARA area, bound for the UK.

Naphtha stocks fell by nearly 5pc to 329,000t. The naphtha market remains in backwardation, but stored volumes are still above the weekly average recorded so far this year, as a result of weak demand from gasoline blenders and general supply length around Europe. Cargoes arrived from Russia and the UK.

Reporter: Thomas Warner

London, 14 June (Argus) — Oil products held in independent storage tanks in the Amsterdam-Rotterdam-Antwerp (ARA) trading hub climbed by just over 7pc week-on-week to reach 5.7mn t today, marking a two-month high.

The increase in total stocks was largely a result of a substantial gain in fuel oil inventories, which were up by nearly a third week-on-week. No tankers loaded the product from Rotterdam during the period, keeping northwest Europe oversupplied. But fuel oil exports are likely to rebound as shipping activity has picked up in northwest Europe, with tankers booked to Asia-Pacific and the Mideast Gulf. Two Singapore-bound very large crude carriers (VLCCs) have arrived in Rotterdam to start loading fuel oil later this month.

Diesel stocks rose slightly because of comparatively high imports, particularly from the Baltic Sea. The product also arrived from Poland and the Mideast Gulf, while some diesel was shipped form the ARA region to France, the UK and west Africa. Stocks are under pressure from firm demand, which is likely to tighten the market later this month.

Gasoline stocks increased by 5pc week-on-week. The European gasoline market remains oversupplied as an increase in US demand was offset by weak buying interest from west Africa and Asia-Pacific. Arbitrages on most long-haul export routes were largely unviable, putting pressure on gasoline prices in the ARA region. European gasoline output remained high, contributing to the increase in stocks. Meanwhile, the Mediterranean market remains tight, drawing product from the north.

Jet fuel stocks declined marginally during the past week despite rising exports from the Mideast Gulf, as tankers carrying jet fuel arrived into northwest European ports outside the ARA hub. The region is set to receive at least 290,000t of jet fuel from east of Suez during the week to 16 June, compared with 145,000t a week earlier.

Naphtha stocks fell by nearly 6pc, after having been buoyed the prior week by cargoes arriving from the US Gulf Coast. Demand for light virgin naphtha from European gasoline blenders remains weak and is largely covered by local supplies. Last week, tanker bookings emerging with Asia-Pacific discharge options reached 340,000t, the highest weekly total since late April. The four cargoes are due to load between 20-27 June.

Reporter: Thomas Warner