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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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