Total oil product stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub rose by over 2% to 7.45 million tonnes in the past week, a record high, according to data from Dutch consultancy Insights Global.
Gasoline stocks were little changed at 1.4 million tonnes with exports to the U.S. and Canada picking up, Insights Global’s Lars van Wageningen said.
Gasoil stocks rose over 3% to 2.85 million tonnes, their highest since early September as demand from inland locations slowed. German buyers were likely postponing purchases due to full storage tanks and as they await a planned reduction in value added tax (VAT) from 19% to 16% for six months starting in July 1, Wageningen said.
Weekly ARA stocks (in '000 tonnes)
11/06/2020 04/06/2020 13/06/2019
Gasoline 1,409 1,406 1,223 STK-GL-ARA
Naphtha 587 517 245 STK-NAF-ARA
Gasoil 2,845 2,755 2,981 STK-GO-ARA
Fuel oil 1,712 1,745 1,066 STK-FO-ARA
Jet fuel 902 870 832 STK-JET-ARA
Incoming cargoes Outgoing cargoes
Gasoline Finland, France, Italy, Canada, China,
Latvia, Norway, Russia, Mexico, Singapore,
Spain U.S., W. Africa
Naphtha Algeria, Russia, UK None
Gasoil Finland, Russia, Saudi France, Med, UK
Fuel oil Estonia, Latvia, Med, Mideast Gulf
Poland, Russia, UK
Jet fuel South Korea, United UK
Source: Reuters (Reporting by Ahmad Ghaddar;Editing by Elaine Hardcastle)