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BLOG THEMA'S : Gasoline inventories

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 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

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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

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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 

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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 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

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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

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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.

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Reporter: Tom Warner

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