Oilmarket Blog

BLOG THEMA'S : Fuel oil inventories

Fuel oil build bolsters ARA independent product stocks

Gepubliceerd Jacob on 14 december 2018 14:42:39

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

Artikel heeft nog geen reacties. Klik om te lezen/reacties te plaatsen

High gasoline exports trim ARA oil product stocks

Gepubliceerd Jacob on 31 augustus 2018 10:09:28

London, 30 August (Argus) — Oil products held in independent storage tanks in the Amsterdam-Rotterdam-Antwerp (ARA) trading hub fell nearly 5pc this week to 5.15mn t, prompted by stock draws on all major products except jet fuel.

Gasoline stocks fell by 1.9pc to 757,000t, the lowest level since November 2016. The European market is preparing to switch to winter-specification gasoline in September, and is shedding summer-grade volumes. Outflows were notably high to North America, Latin America and west Africa.

Spot booking for tankers loading during the week to today were around twice the level recorded over the prior week. Tankers left for the Mideast Gulf, the Americas and west Africa. Tankers arrived from the Baltic region, Denmark, Finland, France, Sweden and the UK. Low water levels on the Rhine river inhibited barge traffic from inland refineries to the ARA area.

Naphtha stocks fell heavily for a second consecutive week, to a 16-week low of 251,000t. The reduction was caused by good demand from gasoline blenders and petrochemical end-users in Europe. Naphtha flows from ARA into the continent have proven more resilient to high barge freight rates than have flows of gasoline and gasoil, as most end-users are unable to significantly alter feedstock slates. Tankers arrived from Latvia, Portugal, Russia and Spain, and none were recorded leaving the area.

Gasoil stocks fell by 5.6pc to 2.44mn t, the lowest since early April. Rhine water levels rose marginally in recent days, potentially allowing an increase in product flows. German 10ppm and 50ppm diesel barges have found support over the last week. The former traded recently at 25¢/t discounts to Ice September gasoil, compared with discounts of $1/t around a week earlier. German 50ppm barges assessed differentials climbed to discounts of $7.50/t to Ice September gasoil, compared with discounts of $10.50/t a week earlier. Tankers left ARA for France, Sweden and west Africa.

Jet fuel stocks rose by 4.6pc to 677,000t. The STI Selatar and Dubai Brilliance arrived at Rotterdam at the end of last week, each carrying 90,000t of jet fuel from Yangpu, China, and Ruwais, UAE, respectively. Shell exported 30,000t of jet from Rotterdam on the Seashark, which arrived at Copenhagen today. High northwest European import volumes from east of Suez last week and this week have not been reflected in stock levels, suggesting sufficient demand to absorb incoming volumes. A slowdown in arrivals after next week, alongside the start of the refinery turnaround season, could see the market tighten.

Fuel oil inventories fell by 7.1pc to 1.03mn t. Tankers left ARA for the Mideast Gulf and Mediterranean regions during the week, and arrived from France and Russia.

Reporter: Thomas Warner

Artikel heeft nog geen reacties. Klik om te lezen/reacties te plaatsen

Gasoline demand impacts ARA oil product stocks

Gepubliceerd Jacob on 24 augustus 2018 9:21:37

London, 23 August (Argus) — Oil products held in independent storage tanks in the Amsterdam-Rotterdam-Antwerp (ARA) trading hub fell by 1.3pc this week to 5.41mn t, prompted by a sharp fall in gasoline and naphtha inventories.

Gasoline stocks fell by 14.3pc on the week to 772,000t, the lowest level recorded since October 2017. Tankers left the ARA area for Argentina, Canada, Puerto Rico, the US and west Africa. High gasoline demand from inland Germany, resulting from unplanned refinery outages, drew in volumes from the ARA area and deepened the stock draw. Tankers arrived from Norway, Poland, Sweden and the UK.

Naphtha stocks also fell heavily, dropping by 17pc on the week to 307,000t. The reduction in inventories was caused by steady demand from key outlets and a lack of incoming tankers. No cargoes arrived from the Mediterranean, with the sole arriving tanker coming from Denmark. None were recorded leaving the area. Demand from inland petrochemical end-users recovered, with falling temperatures enabling steam cracker operators to return to running their machinery at full capacity.

Gasoil stocks rose by 3.3pc to 2.59mn t, the highest level since the start of April, as low Rhine water levels continued to constrain product movement in the region. Typically, weekly gasoil barge inflows to Germany total around 160,000t but they amounted to less than 90,000t during the week today according to PJK International’s Rhine Flow Service. The influx of middle distillates into Europe from both transatlantic and east of Suez refiners has also been firm, with market participants pegging total arrivals into Europe at some 3.5mn-4mn t in August. The Yasa Hawk is currently on route to Amsterdam, laden with a 40,000t diesel cargo, according to Argus tracking. The tanker departed Texas City on the US Gulf coast on 15 August.

Jet fuel stocks fell by 1.1pc to 647,000t. At least 180,000t of jet fuel arrived into Rotterdam today on vessels from China and the UAE, although neither vessel had offloaded at the time of writing. Imports into northwest Europe from east of Suez and the US are set to be high for the rest of August. But peak summer buying interest is fading as high trade activity throughout the month has mostly filled August demand. Consequently, stocks are expected to rise. Shell has provisionally booked at least three tankers to take ARA jet fuel to Scandinavia at the end of the month.

Fuel oil inventories increased by 4.5pc to 1.1mn t, amid low outflows. A single suezmax left the ARA area for Singapore during the week to today, and tankers arrived in the area from France and Russia.

Reporter: Thomas Warner

Artikel heeft nog geen reacties. Klik om te lezen/reacties te plaatsen

ARA independent product stocks up

Gepubliceerd Jacob on 20 juli 2018 12:03:12

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

Artikel heeft nog geen reacties. Klik om te lezen/reacties te plaatsen

ARA independent product stocks fall on the week

Gepubliceerd Jacob on 13 juli 2018 13:02:57

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

Artikel heeft nog geen reacties. Klik om te lezen/reacties te plaatsen

ARA independent product stocks fall on the week

Gepubliceerd Jacob on 6 juli 2018 8:50:24

London, 5 July (Argus) — Oil products held in independent storage tanks in the Amsterdam-Rotterdam-Antwerp (ARA) trading hub fell by 1pc week on week to reach 5.6mn t today.

The decrease in total stocks was driven by a 7pc fall in fuel oil inventories prompted by the eastbound departure of the VLCC Atromitos. Stocks of gasoline and naphtha also fell week-on-week, while jet and gasoil inventories rose. Low water levels on the Rhine impacted the barge markets, reducing flows in and out of the ARA area from Germany.

Fuel oil inventories recorded the most significant change in volume, falling by 106,000t to 1.51mn t. The Atromitos is likely to have left the area carrying around 270,000t of fuel oil, but stored volumes were bolstered by aframaxes arriving from Poland, Russia and the UK. Inflows to the ARA area from Russia rebounded to around 850,000t in June after falling to just over 700,000t in May as a result of refinery maintenance in the country. The VLCC Fida is due to begin loading fuel oil from Rotterdam on 14 July, while the same-sized Front Prince has been awaiting loading in Rotterdam since 14 June.

Gasoline inventories declined by 6pc to 985mn t amid rising transatlantic exports. At least 222,000t of European gasoline was booked in the spot tanker market to load in the ARA region in the week to 5 July with transatlantic discharge options, up from 130,000t in the previous week. EIA data show robust US gasoline imports: the four-week moving average of imports was 828,000 b/d in the week to 29 June. Cargoes also departed the ARA area for the Mideast Gulf and the Mediterranean. Cargoes arrived from France, Italy and the UK.

Gasoil inventories rose by 5pc to 2.1mn t. Demand for heating oil and industrial gasoil was very weak, with diesel accounting for the vast proportion of the total gasoil demand. But low Rhine water levels limited outflows from the ARA area to inland destinations. Gasoil cargoes arrived in the ARA area from Finland, Russia, Sweden, the UAE and the US. Vessels departed for Spain and the UK.

Naphtha stocks recorded the largest percentage fall, decreasing by 10pc to 319,000t. No cargoes arrived from Algeria where there is maintenance work at the 350,000 b/d Skikda refinery. Maintenance at petrochemical plants in Germany prompted a reduction in naphtha barges leaving the ARA area for discharge along the Rhine. Increasing gasoline demand from the US may stimulate naphtha demand over the coming week, putting further downward pressure on inventories. Cargoes arrived from Poland, Russia and the UK. No seaborne naphtha cargoes left the ARA area.

Jet stocks rose by 4.3pc to 696,000t, reaching the highest level since 7 December 2017. The Ust Luga arrived into Rotterdam on 27 June. Vitol chartered the vessel to take 90,000t of jet fuel to northwest Europe from the Mideast Gulf, but the vessel partially offloaded in Augusta, Sicily. Demand for jet was healthy in line with seasonal expectations but outflows from the ARA area were again limited by barge loading restrictions.

Reporter: Thomas Warner 

Artikel heeft nog geen reacties. Klik om te lezen/reacties te plaatsen

ARA oil product stocks rise on the week

Gepubliceerd Jacob on 8 juni 2018 12:57:31

London, 7 June (Argus) – Oil products held in independent storage tanks in the Amsterdam-Rotterdam-Antwerp (ARA) trading hub rose by 2pc in the week to today, driven by stock builds on all recorded products except gasoil, according to consultancy PJK.

Independent gasoil inventories fell by 1pc to 2.07mn t. Import volumes and European buying interest were subdued, as the market backwardation narrowed. Cargoes arrived from the Baltic region, Russia and the US. Tankers left ARA for France, Spain and the UK.

Fuel oil inventories rose by 3pc to 1.14mn t. Cargoes arrived from France, Poland, Russia and the UK and departed for the Mediterranean region. No very large crude carrier (VLCC) loadings were recorded in the week — fuel oil stock draws in the ARA area are typically the result of VLCC loadings.

Gasoline inventories rose by 5pc to 1.05mn t. Weak demand from the US affected outbound volumes. Transatlantic shipments are a key factor in determining ARA stock levels. Cargoes arrived from France, Finland, Italy, Norway, Portugal, Spain and the UK. Cargoes left for Canada, Latin America, the Mediterranean, the US and west Africa.

Naphtha stocks rose by 10pc to 366,000t, a ten-week high. Cargoes arrived from Algeria, Russia and the UK and no seaborne cargoes departed. Naphtha demand from the European blending pool was subdued by the weak US gasoline demand and, with demand from the continent’s petrochemical sector also subdued, tank storage became an attractive option. High levels of naphtha supply in Europe are supporting outflows to Asia-Pacific from ports outside the ARA area.

Jet fuel stocks reached a 23-week high, rising by 4pc to 685,000t. Cargoes arrived from India and Russia, and a single cargo left for the UK. The rise in inventories was prompted by stockbuilding ahead of peak summer season.

The ARA and Rhine barge markets were subdued, with urgent booking interest muted against a backdrop of stable prices.

Reporter: Thomas Warner

Artikel heeft nog geen reacties. Klik om te lezen/reacties te plaatsen

ARA oil product stocks stable on the week

Gepubliceerd Jacob on 1 juni 2018 13:25:51

London, 31 May (Argus) — Oil products held in independent storage tanks in the Amsterdam-Rotterdam-Antwerp (ARA) trading hub fell by 1pc on the week to today, amid broadly stable market fundamentals.

Independent gasoil inventories rose by 2pc to 2.08mn t, up by 44,000t on the week. Demand from inland buyers remained stable at a low level, with backwardation incentivising traders to wait for mid-June cargoes. Cargoes arrived from the Baltics, Finland and Russia at levels broadly in line with exported volumes. A single cargo was reported leaving the ARA area for the UK.

Fuel oil inventories fell by 15pc to 1.1mn t. Three Suezmaxes loaded fuel oil from Rotterdam during the reporting period. They included the Eurochampion 2004 and Pecos — respectively chartered by Shell and Azerbaijan’s state-owned trading firm Socar for delivery to Singapore — and the Suezmax Tataki that departed for Dakar. Fuel oil cargoes arrived in the ARA area from Estonia, France, Norway, Russia and the UK.

Gasoline inventories were broadly stable, rising by 1pc to 1mn t, recovering very slightly from the five-month low reported a week earlier. No cargoes were reported leaving for the Mideast Gulf, as part of trend of lower exports to the region since the European switch to summer-grade product in April. Export volumes to the US also fell on weakening transatlantic arbitrage economics. Cargoes left the ARA area for Canada, Latin America, west Africa, Singapore and the US. Incoming gasoline cargoes arrived from France, Italy, Spain and the UK.

Naphtha stocks rose by 17pc to an eight-week high of 332,000t. Cargoes arrived from Algeria, Estonia, Portugal, Russia and the UK, with no seaborne cargoes reported leaving the ARA area. Naphtha demand from gasoline blenders in northwest Europe has fallen in line with lower transatlantic gasoline export volumes. Demand from the European petrochemical sector was reported steady.

Jet fuel stocks rose by 3pc to a 20-week high of 658,000t. A 90,000t cargo arrived in Rotterdam onboard the Maersk Petrel, and the LR2-sized Polaris arrived from Sikka on 28 May. A single cargo was seen leaving for the UK. The rise in inventories was prompted by stockbuilding ahead of peak summer season. Jet fuel stocks in January-May held independently in the ARA region remain at their lowest since 2015 when compared with average stocks held over the same period each year.

Significant excess capacity was reported in the ARA and Rhine barge markets, with backwardation in all relevant markets reducing urgent buying interest.

Reporter: Thomas Warner

Artikel heeft nog geen reacties. Klik om te lezen/reacties te plaatsen

ARA oil product stocks fall on motor fuel draws

Gepubliceerd Jacob on 25 mei 2018 8:30:13

London, 24 May (Argus) — Oil products held in independent storage tanks in the Amsterdam-Rotterdam-Antwerp (ARA) trading hub fell by 5pc in the week to today, driven by stock draws on gasoline, gasoil and fuel oil, according to consultancy PJK

Independent gasoil inventories fell to 2.04mn t, down by 146,000t on the week on tight diesel supply and firm demand. Cargoes arrived from Finland, Kuwait and Russia. Vessels were reported leaving the ARA area for Denmark, France and the UK. Gasoil stocks consistently declined each week from the beginning of March to mid-May, but recorded their first rise in 10 weeks on 17 May. The fall in ARA inventories in the week since represents supply tightness seen broadly across the northwest European diesel market.

Fuel oil inventories fell by 7pc to 1.3mn t. Two Singapore-bound Suezmaxes were loading fuel oil at Rotterdam during the reporting period: the Eurochampion 2004 and Pecos — respectively chartered by Shell and Azerbaijan’s state-owned trading firm Socar. The Suezmax Tataki was also sighted at a fuel oil jetty. Fuel oil demand from the Middle East increases during the summer months, with the product used in power generation in the region. Fuel oil cargoes arrived in the ARA area from Poland, Russia and the UK.

Gasoline inventories fell by 8pc to 1mn t, the lowest level reported since January. US gasoline imports during the week to 18 May reached their highest level since August 2017, supporting outflows from Europe. Cargoes also left the ARA area for Brazil, Canada, China, France, Singapore and west Africa. Incoming gasoline cargoes arrived from Finland, France, Italy, Latvia, Portugal, Sweden and the UK.

Naphtha stocks rose by 10pc to 283,000t, a four-week high. Cargoes arrived from Algeria, France, Norway, Portugal, Russia and the UK, with no seaborne cargoes reported leaving the ARA area. Firm naphtha demand from gasoline blenders in northwest Europe supported naphtha inflows, with demand from the petrochemical sector reported steady.

Jet fuel stocks reached a four-month high, rising by 7pc to 637,000t. An 80,000t cargo arrived from the Mideast Gulf onboard the STI Connaught, and a single cargo was seen leaving for the UK. The rise in inventories was prompted by stockbuilding ahead of peak summer season.

Excess capacity was reported in the ARA and Rhine barge markets, with relatively few spot bookings reported. Forecast stability in water levels and ample spare capacity has reduced urgent booking interest.

Register for Tankstorage Insider, our weekly newsletter about the tank storage industry.

Reporter: Tom Warner

Artikel heeft nog geen reacties. Klik om te lezen/reacties te plaatsen