EMEA News
ARA Fuel Oil Stock Rises to 23% Above Five-Year-Average
Fuel oil stock in the Amsterdam-Rotterdam-Antwerp (ARA) region rose to 840,000 barrels last week, 23 percent higher than the five-year average, Platts reports.
According to figures released by BNP Paribas, residual fuel oil stocks also reportedly rose to 5.52 million barrels.
Overall, all refined oil products saw a rise in stock, rising by 1.86 million barrels to 46.77 million barrels.
Other products such as gasoline, naphtha, and distillates are all also reportedly well above their five-year averages.
According to traders, there has been excess amounts of product in the region recently as demand in the Persian Gulf slowed with the end of the summer months and the Far East continues to see oversupply.
Markets have reportedly been relying on storage to absorb much of the extra amount.
Last month, Rotterdam also reported that it had seen an "extremely significant" 50 percent increase in fuel oil throughput.
