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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 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 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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