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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 product stocks increase

Gepubliceerd Jacob on 28 september 2018 13:56:15

London, 27 September (Argus) — Oil product stocks held in independent storage within the Amsterdam-Rotterdam-Antwerp (ARA) trading hub rose by 6.3pc from a week earlier because of large gains in fuel oil and gasoline inventories.

Fuel oil stocks rose by a fifth from a week earlier as product was put into storage to be loaded on two Singapore-bound VLCCs. One of these tankers — the Ridgebury Artois — has likely started loading fuel oil and could shortly leave for Singapore. No VLCCs left during the past week, while the Suezmax Sabine departed for Asia-Pacific with 130,000t of fuel oil. Bookings on the route to Singapore have picked up pace this week as export economics improved following a decline in Singapore’s inventories to multi-week lows. The ARA region imported fuel oil from the Black Sea, the Baltic Sea and Spain.

Gasoline stocks also rose, climbing by 10pc amid limited export options. US demand for gasoline has been weak since the conclusion of the summer driving season. This was reflected in last week’s increase in stocks, which came despite lower domestic production. During the week to 21 September, implied demand dropped to a 17 week low, and was also down year on year, according to EIA data. Exports to the Middle East are also likely to slow in the coming week as regional refineries come back from unplanned shutdowns. The ARA region exported gasoline to the Mideast Gulf and west Africa during the past week.

Lack of export options and comparatively low demand also led to an increase in naphtha stocks, which climbed 6pc from a week earlier. The European naphtha market is well-supplied, while demand from gasoline blenders is low. And arbitrage economics to Asia-Pacific are unworkable, largely because of ethylene cracker maintenance in that region. No naphtha was exported from the ARA region this week, while product arrived from Algeria, France, Spain and the UK.

And diesel inventories rose by less than 1pc this week. US diesel production also has fallen, which is likely to lead to a decline in exports to Europe in the coming weeks. In Europe, water levels on the Rhine remain low, keeping barge rates high and limiting inland shipments. The economics for importing diesel into Europe remain weak. But this could change if Rhine river water levels rise, allowing German demand to access ARA gasoil stocks, reducing supplies and pushing prices higher.

Jet fuel stocks bucked the trend, dropping by 14,000t, or 2pc because of comparatively high export volumes. The ARA region shipped the product to Denmark and the UK, while importing some jet fuel from the Mediterranean.

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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

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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

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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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