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ARA independent product stocks fall

Gepubliceerd Jacob on 26 oktober 2018 15:25:16

(Argus) Oil product stocks held in independent storage within the Amsterdam-Rotterdam-Antwerp (ARA) trading hub fell by 7.6pc from a week earlier, prompted by a drop in stocks of all products recorded except gasoline.

Stocks of gasoil fell by 11pc to 2.56mn t hitting their lowest level since early September. A lack of incoming cargoes from the US and the Mideast gulf because of higher demand in other key import regions meant that outflows outstripped incoming volumes. Tankers arrived in the ARA area from France, Spain and the UK and departed for Latin America, South Africa, the US and west Africa. Low water levels on the Rhine impacted gasoil flows into Germany further this week.

Most Rhine gasoil barges stayed north of Koblenz, but some passed the bottleneck at Kaub in response to strong demand from upper Rhine destinations. Margins for French 10ppm diesel cargoes on a cif Le Havre basis climbed to $17.59/bl against North Sea Dated yesterday, the widest since 15 August according to Argus data.

Fuel oil stocks fell by 6.8pc to their lowest level since the first week of April, prompted by firm demand from east of Suez. The fall in inventories was prompted by the loading and departure of at least three cargoes during the week to Thursday. The SCF Ural and Chios departed for Singapore during the reporting period carrying 140,000t cargoes, while the Advantage Spring departed with a 130,000t cargo. Tankers arrived in the ARA area from Estonia, the Mediterranean, Russia and the US.

Gasoline stocks were broadly unchanged. Outflows were again supported by exports of summer grade product to destinations in the southern hemisphere. Eurobob oxy gasoline is currently trading at a 43¢/bl discount to North Sea Dated crude for the first time in over seven years, with supply outstripping demand in key export markets. Tankers departed for Latin America, South Africa, the US and west Africa.

No jet fuel cargoes arrived in the ARA area during the week to 25 October, and inventories reached their lowest level since 17 May.

Naphtha stocks fell by 16pc, their lowest level since 6 September. Low Rhine water levels again weighed on demand from inland petrochemical end-users.

Tankers arrived from Finland, France, Norway and Poland. Europe remains under a naphtha supply overhang amid low demand from gasoline blenders and petrochemical end-users, prompting a sharp rise in eastbound bookings.

Reporter: Thomas Warner

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ARA independent product stocks fall

Gepubliceerd Jacob on 12 oktober 2018 15:14:01

London, 11 October (Argus) — Oil product stocks held in independent storage within the Amsterdam-Rotterdam-Antwerp (ARA) trading hub fell by 2.4pc from a week earlier, largely as a result of a significant drop in fuel oil volumes. Stock levels of other products were broadly stable.

Fuel oil stocks fell by 17.3pc to 1.03mn t, prompted by the loading and departure of several cargoes during the week to today. The Max Jacob, booked by Litasco to ship 130,000t of HSFO to Singapore loaded on 4 October and headed eastbound. The South Sea, booked by P66 to ship 130,000t of cracked fuel oil from Rotterdam to Singapore, likely started loading on 11 October. Tankers also left the ARA area for west Africa and the Mideast Gulf. Arbitrage economics to take high-sulphur material from northwest Europe to Asia Pacific strengthened in the past week. The Singapore second-month 380cst swap premium to HSFO cargo prices in northwest Europe averaged $33/t on 4-10 October, compared with an average spread of $29.70/t during the prior five trading days. A total of 430,000t of fuel oil was booked to Singapore this week.

Gasoline stocks fell by 25,000t to 1.06mn t, with outflows being supported by efforts to sell off stored summer-grade volumes. Cargoes arrived in the ARA area from Finland, Spain and the UK. Tankers left the area for the Mideast Gulf, Brazil, Latin America and the Mediterranean. Naphtha stocks fell by 11,000t to 341,000t, prompted by steady demand from inland petrochemical end-users and low volumes arriving in the area. Tankers arrived from Algeria, France and Portugal, and none were seen departing.

Stocks of gasoil rose by 102,000t to 3.04mn t, the highest level since mid-February 2018. Tankers arrived in the ARA area from Russia and Saudi Arabia, and departed for France, the Mediterranean and the UK. Low water levels on the river Rhine continued to impact barge traffic into Germany and France, bolstering interest in other forms of product transport. Cargo freight rates from the ARA continued to rise as a result, with some operators preferring to move material inland via other coastal outlets.

A single jet kerosene cargo arrived in the ARA area during the week to 11 October and a single tanker left for the UK. Inventories were effectively unchanged on the week at 674,000t. The Raysut partially offloaded in Rotterdam following a partial deposit into Fawley. The vessel had been sitting in the English Channel since 18 June, as the buyer was exercising some of its contract options by waiting to offload. Northwest European jet fuel demand has fallen since last week. Imports from east of Suez have been thin, with most arrivals entering UK and French ports.

Reporter: Thomas Warner

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ARA independent fuel oil stocks fall sharply

Gepubliceerd Jacob on 24 september 2018 10:03:25

London, 20 September (Argus) — Oil products stored independently within the Amsterdam-Rotterdam-Antwerp (ARA) hub declined by nearly 2pc over the past week because of a large drop in fuel oil inventories.

Fuel oil stocks shed 143,000t — or 11.2pc — during the past week as imports of Russian fuel oil from the Baltic Sea continued to fall. The decline came despite challenging arbitrage economics to Singapore. No vessels bound for Asia-Pacific have loaded fuel oil from Rotterdam during the past week. The VLCC Ridgebury Artois, booked to ship 270,000t of fuel oil to Singapore earlier this month, has arrived in Rotterdam. Some fuel oil was exported to the Mediterranean to supply the local bunkering market and to the Middle East during the past week.

Jet fuel stocks also declined, but were down just 1pc week on week. The European market is generally well supplied, while demand has weakened following the conclusion of the peak summer flying season. But most of the product imported from east of Suez this week was discharged into ports in the UK. One vessel, the Polar Bright, chartered by BP, arrived into Rotterdam on 16 September with 90,000t of jet fuel from Ruwais, but has yet to offload this material.

Gasoil stocks rose by around 1pc during the past week. Inland shipments to the German market, which is affected by supply shortages, remained depressed because of low water levels on the Rhine. Transatlantic shipments of diesel have not fallen as much as expected by market participants in September from the prior month because of high US production and stocks. The Asian diesel market is tight, which is likely to draw diesel from the Mideast Gulf, reducing the amount of material available to be exported to Europe from that region.

Gasoline inventories also rose by around 1pc week on week. US demand for European gasoline has dropped following the conclusion of the summer driving season, but buying interest in west Africa and the Middle East remains firm, largely offsetting the impact of lower transatlantic shipments. The ARA region imported gasoline from Denmark, France, the Mediterranean and the UK in the past week.

Likewise, naphtha stocks rose marginally during the period, adding just 2,000t. Demand from gasoline blenders and the petrochemicals sector has softened during the past two weeks, keeping more product in storage. Some naphtha was shipped to Denmark, likely to use as a feedstock to produce gasoline.

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ARA independent product stocks edge up

Gepubliceerd Jacob on 29 juni 2018 9:56:23

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 

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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 for sixth consecutive week

Gepubliceerd Jacob on 14 mei 2018 15:55:42

London, 11 May (Argus) — Oil products held in independent storage tanks in the Amsterdam-Rotterdam-Antwerp (ARA) trading hub fell again this week, and the tanks are now filled to around half of their collective stated capacity.

Independent stocks in the ARA region fell by 9,000t in the week to today, to 5mn t — their lowest level since the final week of December 2017 according to consultancy PJK. Backwardation in oil product markets and refinery maintenance in Europe have contributed to the drawdown.

Gasoil stocks fell by 3pc from the prior week to 2mn t. Cargoes arrived from Russia and the US, and the UK was the only the country to receive an outgoing cargo. Maintenance in Germany at BP’s 265,000 b/d refinery in Gelsenkirchen and Shell’s 170,000 b/d Godorf plant continued to prompt diesel demand from inland.

Gasoline stocks fell by 4pc from the prior week to 1.04mn t. European cargoes continue to head to north America and Caribbean storage tanks, driven by stockpiling ahead of the summer driving season. Cargoes left ARA for Latin America, the US, west Africa, the Mideast Gulf and Singapore. Inflows came from France, Spain, Sweden and the UK.

Fuel oil stocks rose by 13pc to 1.15mn t. No very large crude carriers (VLCC) loaded in the region during the reporting week, although smaller tankers departed for the Mideast Gulf and the US. Cargoes arrived from France, Italy, Poland, the UK and west Africa.

Naphtha stocks fell by 16pc on the week to 238,000t — the lowest level since November 2017. Demand from petrochemical end-users prompted consumption in the ARA area and drew volumes inland on barges. No cargoes arrived from the Algerian port of Skikda, from where significant volumes were drawn east of Suez during the reporting period. Cargoes arrived from France, Spain and the UK and none were recorded leaving.

Jet fuel stocks rose marginally to 574,000t. The BP-chartered Gulf Vision arrived into Rotterdam on 10 May from Ruwais, UAE, with 90,000t of jet fuel. Tankers departed the area for Denmark and the UK. Demand from German airports drew several barges of jet kerosene down the Rhine.

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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