Most likely current inland supplies are sufficient to cover the heating oil demand during this winter.Subdued demand for heating oil in Germany and Switzerland means there’s no need for spot barges to ship the product up the Rhine river from Amsterdam-Rotterdam-Antwerp, Europe’s oil trading hub, according to a report from RiverlakeBarging, a brokerage.
* NOTE: Temperatures in northwest Europe have been below the 30 year norm since the start of the year and are forecast to remain low in coming days
* Germany’s heating oil buyers took advantage of the low prices early last year when the crude price crashed and stocked up. Those supplies were big enough that there still isn’t a need to import more heating oil right now, despite the cold weather according to Jelle Vreeman, senior broker, Riverlake Barging
A quote from Bloomberg