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ARA oil product stocks fall marginally

Gepubliceerd Jacob on 3 augustus 2018 11:35:21

London, 2 August (Argus) — Oil products held in independent storage tanks in the Amsterdam-Rotterdam-Antwerp (ARA) trading hub fell by 0.6pc this week to 5.67mn t, prompted by the departure of a 270,000t fuel oil cargo and rising naphtha consumption.

The departure of the VLCC Fida on 27 July weighed on fuel oil stocks, which fell by 10.3pc to 1.2mn t today. The 270,000t cargo is set to discharge in Ningbo-Zhoushan in China, according to vessel tracking data. A smaller cargo also left for the Mideast Gulf. Fuel oil cargoes arrived from the Black Sea, Finland, France, Poland and Russia.

Naphtha stocks also fell heavily on the week. Inventories declined by 10.6pc to 328,000t on an uptick in demand from gasoline blenders in the ARA region and continued firm demand from petrochemical end-users. Rising demand and ongoing supply tightness in the Mediterranean region have strengthened northwest European naphtha pricing, narrowing its discount to benchmark North Sea Dated to 69¢/bl on 1 August from $1.25/bl a week earlier.

Gasoline stocks rose by 3.1pc week on week to 974,000t, with rising prices in the ARA area attracting cargoes and impacting outflows. Tankers arrived from Denmark, France, Italy, Spain and Sweden. European gasoline was shipped to Canada, Mexico, Puerto Rico, the US and west Africa. But the outgoing cargoes were generally smaller than those that arrived. Fresh fixtures emerged during the week for delivery to west Africa and the US, where demand is firming.

Jet fuel stocks rose by 5pc on the week to 692,000t. The Kleon arrived into Rotterdam on 27 July with 90,000t of jet fuel from Ruwais. The Nord Dolphin arrived into Antwerp yesterday, also with 90,000t of jet fuel from Ruwais, but does not yet appear to have unloaded. Seasonally strong demand from the aviation sector brought jet fuel barge and pipeline utilisation to near maximum levels. A single cargo left the ARA area for the UK.

Gasoil stocks increased by 3.9pc to 2.49mn t. Cargoes continued to arrive from the Mideast Gulf, but high Rhine freight rates have impacted demand from the European hinterland. Demand from the agricultural and heating sectors was already lower owing to the high temperatures and lack of rain, which have affected harvests.

Reporter: Thomas Warner

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ARA oil product stocks decline

Gepubliceerd Jacob on 27 juli 2018 12:33:39

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.

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ARA independent product stocks fall

Gepubliceerd Jacob on 22 juni 2018 8:30:21

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

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ARA independent product stocks rise

Gepubliceerd Jacob on 15 juni 2018 16:03:30

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

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ARA oil product stocks rise to a four-week high

Gepubliceerd Jacob on 18 mei 2018 8:44:00

London, 17 May (Argus) — Oil products held in independent storage tanks in the Amsterdam-Rotterdam-Antwerp (ARA) trading hub rose to a four-week high today, driven by large stock builds in fuel oil and gasoil, according to consultancy PJK.

Independent fuel oil inventories rose to a six-month high of 1.4mn t, up by 253,000t on the week, as product arrived from Russia, Poland, France and the UK. The absence of very large crude carrier (VLCC) loadings in the past week kept inventories high, blunting the effects of ARA exports to the Mideast Gulf and the Mediterranean region. Mideast Gulf fuel oil import demand for power generation is firm, given the seasonal consumption pick-up associated with the Islamic fasting month of Ramadan and the peak summer months.

Two Singapore-bound Suezmaxes are scheduled to load fuel oil in Rotterdam in the next week: the Eurochampion 2004 and Pecos — respectively chartered by Shell and Azerbaijan’s state-owned trading firm Socar. State-owned Saudi Aramco chartered the HS Tosca, which loaded 80,000t at Rotterdam on 13 May, bound for the Mideast Gulf. But inventories are likely to remain high, with up to 600,000t of Rotterdam-bound fuel oil scheduled to load at the Russian Baltic port of Ust-Luga this week.

Gasoil inventories rose to a four-week high of 2.19mn t, with ARA tanks receiving volumes from Russia, Latvia, Saudi Arabia and the US. Flows of gasoil barges along the Rhine river were said to be thin.

Jet fuel stocks rose to a five-week high of 593,000t, as product arrived from the Mideast Gulf. The UAE-loaded Gulf Vision arrived at Rotterdam on 10 May with 15,000t of jet fuel. The Merkur O arrived at the Dutch port with 65,000t of product loaded at Jubail, Saudi Arabia, although it has yet to discharge.

Gasoline and naphtha stocks rose for the first time in seven weeks and four weeks, respectively. West African import demand for European gasoline remained relatively weak, weighing on gasoline blender demand for naphtha. Spot tanker bookings of European gasoline with west African discharge options emerging in the week to 17 May fell to 252,000t from 527,000t in the previous week. The three-week moving average of volumes booked to west Africa is at its lowest since January, at 377,000t.

At least one ARA gasoline cargo loaded in the past week for Argentina — a relatively infrequent destination — likely with winter-grade product. Gasoline loaded in the past week for the US, Canada, Mexico and Singapore. Gasoline arrived into ARA from France, Spain, the UK and Scandinavian refineries in the past week. No ARA naphtha was exported to other regions in the same period.

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ARA oil product stocks fall to 4-month low

Gepubliceerd Jacob on 4 mei 2018 9:31:58

London, 3 May (Argus) — Oil products held in independent storage tanks in the Amsterdam-Rotterdam-Antwerp (ARA) trading hub fell by 6pc this week to their lowest level since December.

Independent stocks in the ARA region fell to 5mn t in the week to 3 May, according to consultancy PJK. Inventories fell by 330,000t to their lowest level since the final week of December 2017. Refinery maintenance in Europe and unstable underlying crude prices have contributed to the drawdown in stocks.

Gasoil stocks in the ARA region fell by 4pc from the prior week. Cargoes arrived from Finland, Poland, Russia, the US and the Mediterranean. Volumes arriving from the US were marginally up on the week. The UK was the only the country to receive an outgoing cargo. Ongoing maintenance at BP’s refinery in Gelsenkirchen and Shell’s Godorf facility prompted diesel demand from inland majors, but backwardation in the market exerted downward pressure on bought volumes. Demand for heating oil was almost non-existent, in line with seasonal expectations.

Gasoline stocks in the ARA region fell by 8pc from the prior week. Highly workable transatlantic arbitrage economics continued to draw cargoes to the US and Canada. Stockbuilding ahead of the summer driving season likely boosted export volumes. Cargoes left the ARA region for Latin America, the US, Canada and west Africa. Outflows to west Africa have returned to normal levels after a very strong first quarter. Cargoes arrived from Finland, France, Italy, Sweden, Norway and the UK.

The departure of the VLCC Olympic Leopard for Singapore on 26 April helped bring fuel oil stocks draw to a three-week low of 1.02mn t. Cargoes arrived from Estonia, Poland, Russia, Spain and the US. Imported volumes rose on the week. Some fixtures were reported departing the Baltic region for discharge in Asia-Pacific without stopping in the ARA region.

Naphtha stocks were stable on the week at 283,000t. Demand from gasoline blenders was firm as a result of increasing gasoline exports to the US and there was a steady flow down the Rhine to inland petrochemical end-users. Cargoes arrived from Algeria, the Baltic, Portugal, Russia and Spain. Jet fuel stocks fell marginally by 14,000t to 568,000t. A single jet fuel cargo arrived from the US and a single cargo departed for the UK.

Stable water levels on the Rhine and steady trade flows kept Rhine freight rates consistent at the levels seen a week earlier.

Reporter: Tom Warner

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ARA oil product stocks down

Gepubliceerd Jacob on 3 mei 2018 11:34:29

London, 26 April (Argus) — Oil products held in independent storage tanks in the Amsterdam-Rotterdam-Antwerp (ARA) trading hub fell by 5pc this week.

Independent stocks in the ARA region fell below 5.3mn t in the week to 26 April, according to consultancy PJK. Inventories fell by 250,000t to their lowest level since the first week of January 2018. Refinery maintenance in Europe and diminished buying activity on the spot market resulting from rising underlying crude prices have contributed to the drawdown in stocks.

Gasoil stocks in the ARA region fell by 7pc from the prior week. Imports into northwest Europe from the Baltic slowed as a result of Russian refinery maintenance and no cargoes were recorded arriving from the US. Spot demand for cargoes delivered to France increased and product also departed for the UK. Exports out of the ARA storage hub received further support from firm backwardation on Ice gasoil futures. Inland refinery maintenance bolstered diesel demand from up the Rhine, but demand for heating oil was notably weak as a result of warmer temperatures.

Gasoline stocks in the ARA region fell by 7pc from the prior week. Workable transatlantic arbitrage economics continued to draw cargoes to the US and Canada, and vessels were reported discharging at storage facilities in the Caribbean. The increased use of larger Long Range 1 tankers, instead of smaller Medium Range vessels, further boosted outgoing volumes. Cargoes left the ARA region for Latin America, Singapore and west Africa as well as heading west across the North Atlantic. Volumes arrived from France, Italy, Sweden and the UK but at levels below those seen in recent weeks.

Fuel oil continued to be exported to the Asia-Pacific region, but loadings in Rotterdam have slowed down compared with early April and late March. Fuel oil was imported from France, the Mediterranean, Poland, Russia and the US, contributing to a 3pc increase in stocks within the ARA hub. The Suezmax Red, booked by Total, finished loading and departed Rotterdam for Singapore on 22 April and the VLCC Olympic Leopard left the same port for Singapore today, chartered by Gunvor.

Naphtha stocks fell by 9pc. Demand for petrochemical and gasoline blending grade product came from buyers in the ARA area and inland, and naphtha barge traffic was brisk. Rising outright prices of naphtha have inhibited buying activity in the spot market during the last two weeks and prompted end-users to dip into their stored volumes. No cargo exports were recorded over the course of the week. Import cargoes came from Algeria, the Mideast Gulf, Norway, Russia and Spain. Jet fuel stocks fell marginally to 582,000t, and no cargoes were recorded arriving or departing the area.

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ARA oil product stocks fall

Gepubliceerd Jacob on 6 april 2018 8:22:49

London, 5 April (Argus) — Oil products held in independent storage tanks in the Amsterdam-Rotterdam-Antwerp (ARA) trading hub fell by more than 5pc this week, largely because of a sharp decline in fuel oil inventories.

Fuel oil stocks fell by 21pc. The trade route to Asia-Pacific remains workable, and some product was exported to supply the west Africa bunkering market. Suezmax British Heritage left Rotterdam for west Africa yesterday. The very large crude carrier (VLCC) Olympic Liberty, chartered by Koch to transport 270,000t of cracked fuel oil to Singapore, departed Rotterdam on 3 April. It is the second VLCC to depart the Dutch port in the past week. The Gener8 Hercules left Rotterdam for Asia-Pacific on 29 March. VLCC Olympic Leopard is scheduled to load in Rotterdam by the middle of April.

Imports of Russian fuel oil from the Baltic Sea remained steady.

Naphtha has been moving eastbound because of strong demand from the Asia-Pacific petrochemicals sector and short condensate supplies from the Mideast Gulf. Naphtha stocks declined, shedding around 20,000t or 5pc. Northwest Europe remained well-supplied with naphtha, and regional end-users including German firm BASF offered cargoes.

Gasoline stocks in the ARA region fell by nearly 2pc from the prior week. Prompt Eurobob prices rose sharply during the week, hitting the appeal of buying volumes in ARA for export markets. Transatlantic gasoline shipments fell sharply — spot fixtures dropped below 300,000t from more than 900,000t in the prior week. Spot bookings to Latin America and west Africa declined.

Diesel stocks declined by around 2.5pc. Inland demand was firm, stimulating movement from the ARA region. Diesel imports from the US remained low, and flows from the former Soviet Union are likely to decline in April because of planned refinery maintenance works in Russia.

Jet fuel stocks bucked the trend to rise marginally. Northwest Europe imported jet fuel from the Mideast Gulf, and some product was shipped to the UK. European jet fuel imports are likely to increase in April, and demand is likely to hold steady. Trading firm Gulf Petroleum has provisionally booked the BW Danube to take 60,000t of jet fuel to northwest Europe from Sikka, India, loading 6 April.

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ARA oil product stocks hit 10-month high

Gepubliceerd Jacob on 9 maart 2018 9:17:40

London, 8 March (Argus) — Oil products in independent storage tanks in the Amsterdam-Rotterdam-Antwerp (ARA) region rose by just under 7pc on the week to a 10-month high at 6.29mn t today, according to consultancy PJK.

Fuel oil stock levels increased by 314,000t on the week, accounting for around three-quarters of the total stock build recorded on 2-8 March. Higher stocks reflected a combination of larger inflows from Finland, France, Poland and Russia, and a dip in export volumes. One very large crude carrier (VLCC) — the Daba — sailed from Rotterdam to Singapore, but only a fraction of its cargo was taken into account by this week data as its loading began in the week to 1 March. Another smaller tanker — the Suezmax Sonangol Cazenga — was booked by Petroineos to load 147,000t of cracked fuel oil. Tracking tools showed this tanker still moored at Rotterdam yesterday. Stocks are unlikely to stay elevated next week, with three VLCCs — the DionaOlympic Liberty and Zourva — booked to load as much as 810,000t of cracked fuel oil during 10-20 March. Arbitrage economics to Asia-Pacific have improved in the past week, at least on paper, while fuel oil demand in northwest Europe remains subdued.

Gasoil inventory rose by 115,000t in the week, against a backdrop of rising import volumes. Cargoes arrived from India, Latvia, Poland, Russia and Saudi Arabia. On the demand side, seaborne trade was limited to the UK but shipments up the Rhine topped 170,000t in the week to today, setting a fresh 2018-to-date high. The impact of frozen canals and locks in northwest Europe on barge traffic last week continued, with higher freight rates reported in the ARA and along the Rhine.

Naphtha stock levels firmed by 21,000t on the week amid persistently poor demand from the cracking pool. Naphtha’s premium to rival petrochemical feedstock propane crept up to $140/t in the week to today, its highest level since August 2015. Higher inflows from France, Algeria, Russia and the UK also contributed to the stockbuild.

Jet inventory held steady on the week. Seaborne supply came to a standstill in the week to today, but tracking tools showed several cargoes bound to reach northwest Europe in the coming weeks.

In contrast with other oil products, gasoline stocks declined by 40,000t on the week. The stock draw was mostly driven by increased export volumes, said PJK. Flows to North America — including the US, Canada and the Caribbean — were up on the week, and cargoes with Mideast Gulf discharge options were spotted again. Product was also exported to the UK, west Africa and Latin America. On the supply side, steady volumes came from France, Norway, Spain and the UK. Inflows from refineries along the Rhine into the ARA were stable on the week, according to PJK, at around 25,000t on 2-8 March.

Argus reporter: Benoit Petre

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ARA stocks fell from near 10-month high

Gepubliceerd Jacob on 2 maart 2018 9:28:02

London, 1 March (Argus) — Oil products in independent storage tanks in the Amsterdam-Rotterdam-Antwerp (ARA) region fell by 6.5pc to 5.88mn t this week, ending a five-week run which brought inventories to near 10-month high, according to consultancy PJK.

Gasoil experienced the second biggest stock draw after fuel oil, with inventories falling by close to 120,000t on the week, on firmer demand from the ARA and European hinterland. Barge outflows from ARA up the Rhine rose to 170,000t in the week, its highest weekly tally since the beginning of 2018, according to PJK’s Rhine Flow Service (RFS) estimates. Seaborne cargoes arrived from the Mideast Gulf, India, Russia and the US and heading to Ireland and the UK.

Fuel oil stocks fell by 237,000t in the week to 1 March as export volumes bounced back from the low levels recorded on 16-22 February. The very large crude carrier (VLCC) Bukha and the Suezmax Loire chartered by Shell and Socar, respectively, sailed from ARA to Singapore this week. The Daba — another VLCC chartered by Koch — has started to load in the week to 1 March, pulling more fuel oil from regional storage facilities. And outflows to Asia-Pacific are likely to remain high in the coming weeks with fixture lists showing an additional three VLCCs scheduled to load during 10-25 March. On the supply side, import volumes remained steady with product coming from Estonia, Poland, Russia, the UK and the US.

Naphtha stock levels recorded a drop of 26,000t, owing to lower inflows. Cargoes were imported from France, Russia and Spain, but arrival from key supplier Algeria came to a standstill this week. Sluggish demand from petrochemical end-users weakened further as naphtha’s premium to rival petrochemical feedstock propane topped $130/t, its highest level since August 2015.

Gasoline inventory edged 19,000t down on the week, reflecting a drop in barge supply. PJK’s RFS showed inflows down the Rhine into the ARA declining to 25,000t in the week to 1 March, down by around 15,000t from a week earlier. Export volumes remained broadly steady with more products heading to the US and fewer shipments going to west Africa. Cargoes of European gasoline were also shipped to Latin America and the Mediterranean region. Seaborne cargoes arrived from Denmark, France, Norway, Sweden and the UK.

Jet stocks hit a 29-week low on 1 March, echoing supply tightness in the broader northwest European market. But shipping lists pointed out to increased arrival volumes into Europe in March compared with February, with some vessels displaying ARA discharge options.

Argus reporter: Benoit Petre

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