Jet fuel stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub have risen nearly 10% in the past week to their highest in more than three years, data from Dutch consultancy Insights Global showed on Friday.
Jet stocks, which stood at 845,000 tonnes, rose on persistently weak demand and rising imports from the Mideast Gulf, Insights Global’s Lars van Wageningen said.
Gasoil stocks rose by 5.5% to 2.57 million tonnes, a 4-month peak, despite higher demand from inland locations as imports to the hub increased, he added.
Fuel oil stocks dropped by 4% on rising exports from the hub, with the arbitrage to Singapore opening up.
Weekly ARA stocks (in '000 tonnes)
22/05/2020 14/05/2020 23/05/2019
Gasoline 1,388 1,291 937 STK-GL-ARA
Naphtha 471 445 213 STK-NAF-ARA
Gasoil 2,577 2,442 2,561 STK-GO-ARA
Fuel oil 1,672 1,743 1,116 STK-FO-ARA
Jet fuel 845 769 778 STK-JET-ARA
Incoming cargoes Outgoing cargoes
Gasoline France, Mediterranean, China, Suez for
Russia, Spain, UK orders, U.S., W.
Naphtha Algeria, Russia, UK None
Gasoil India, Norway, Russia, UK
Fuel oil Italy, Norway, Poland, Caribbean, Malta for
Russia, U.S. orders, Saudi Arabia,
Singapore, W. Africa
Jet fuel Saudi Arabia, UAE UK
Source: Reuters (Reporting by Ahmad Ghaddar; Editing by Jan Harvey)