London, 10 November (Argus) — Overall independent oil product stocks within the Amsterdam-Rotterdam-Antwerp region fell slightly during the past week as exports of European gasoline increased, resulting in a 9.1pc drop in inventories of that product from a week earlier.
Gasoline shipments to the US were stimulated by the shutdown of the Colonial pipeline following a fatal explosion and fire in Alabama, which boosted demand for imported gasoline.
As much as 822,000t of European gasoline was booked in the spot tanker market for 4-10 November loading with transatlantic discharge options, up from 370,000t in the previous week, although some spot fixtures subsequently failed.
The pipeline has now been restarted, denting US demand for European gasoline.
Diesel stocks declined by less than 1pc during the week. Imports from the US and the Middle East remained low, while the product continued to be exported to the Mediterranean region from northwest Europe.
Jet fuel stocks also fell during the period because of a low level of imports. US demand for jet fuel has increased ahead of the Thanksgiving travel period, drawing jet fuel from the Middle East. This has reduced the amount of jet fuel available to be exported to northwest Europe, where spot supplies have tightened.
Fuel oil stocks in ARA climbed by more than 11pc, but remained comparatively low. Tankers continued to load fuel oil in Rotterdam to take it to Singapore during the past week. Exports to Asia-Pacific are set to continue as the trade route remains workable despite an increase in freight rates from the prior month. Earlier this week, Koch put the VLCC Xin Run Yang on subjects to load 270,000t of fuel oil from Rotterdam on 17 November to ship it to Singapore at $4mn.
The ARA region imported fuel oil from Russia, Estonia and the UK during the past week.
Naphtha stocks in ARA rose by only 5,000t from a week earlier. The trade route from Europe to Asia-Pacific remained unworkable, while demand from the local petrochemicals sector in the ARA region was soft.
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