Total oil product stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub rose by nearly 2% to over 7 million tonnes in the past week, a record high, according to data from Dutch consultancy Insights Global.
All oil product stocks rose, except for gasoline, with jet fuel and naphtha also hitting record highs, the data showed.
Jet fuel stocks rose around 8% on continued imports into the hub and very weak demand, Insights Global’s Lars van Wageningen
said. The rise was also attributed to some tankers that had been awaiting near the hub finally discharging, he added.
Naphtha stocks rose by nearly 21% amid a lack of local demand from the petrochemicals sector, Wageningen added, but noted that less product was coming out of local refineries that are in maintenance including Total’s Zeeland plant.
Gasoil stocks rose by over 1% as demand from inland locations dropped compared with the previous week, and as tanks at those inland locations begin to fill. Fuller tanks in the region were also slowing down the discharging of tankers and causing congestion, Wageningen added.
Gasoline stocks fell by around 6% amid an uptick in exports to the United States and West Africa.
Fuel oil stocks were up around 1% as imports into the hub rose.
Weekly ARA stocks (in ‘000 tonnes)
28/05/2020 22/05/2020 31/05/2019
Gasoline 1,302 1,388 840 STK-GL-ARA
Naphtha 569 471 186 STK-NAF-ARA
Gasoil 2,611 2,577 2,807 STK-GO-ARA
Fuel oil 1,688 1,672 1,094 STK-FO-ARA
Jet fuel 910 845 751 STK-JET-ARA
Incoming cargoes Outgoing cargoes
Gasoline France, Italy, Spain, Puerto Rico, U.S.,
UK W. Africa
Naphtha Algeria, Russia, UK None
Gasoil Mediterranean, Poland, UK, W. Africa
Russia, Saudi Arabia
Fuel oil Black Sea, France, Mediterranean, Port
Germany, Russia Said for orders
Jet fuel Mideast Gulf, Italy, UK
Source: Reuters (Reporting by Ahmad Ghaddar)