The cost of shipping oil-products by barge on the Rhine river fell to the lowest in almost two months as demand waned because of high inventories.
The cost of shipping gasoil from Amsterdam-Rotterdam-Antwerp, Europe’s oil-trading hub, to Duisburg in Germany fell to an average of 3.40 euros ($4.45) a metric ton yesterday, according to PJK International BV, a consultant based in the Netherlands. That’s the lowest price since Oct. 4.
“In spite of the northwest European cold spell supporting some heating oil demand, relatively high importer stocks and end-users only buying what they strictly needed kept interest limited,” PJK said in a note dated yesterday.
Gasoil stockpiles in independent storage in the ARA-area climbed 7 percent to 2.74 million tons in the week ended Nov.25, PJK data shows. That’s the highest level since Sept. 2.
The cost for gasoline deliveries to Duisburg declined to average 3.70 euros a ton yesterday, the lowest price since Oct. 4, PJK data shows.
The Rhine is Germany’s main waterway, used by refineries and chemical companies including BASF SE.