Russian Black Sea Oil exports resumed at key ports after earlier disruptions, while refined product inventories showed mixed trends across Europe and Asia. Gasoline and gasoil stocks in the ARA region increased, but fuel Oil and naphtha declined, as Singapore saw continued draws in residual fuels, ING's commodity experts Ewa Manthey and Warren Patterson note.

ARA refined product stocks show mixed movements

"There are suggestions that the Caspian Pipeline Consortium terminal and Transneft PJSC’s Sheskharis facility, two key Oil ports on Russia’s Black Sea coast, resumed the loading of tankers overnight after Ukrainian aerial and marine drone attacks disrupted operations earlier in the week. These two ports export well over 2m b/d of Russian and Kazakh Oil into the global markets."

"Insights Global data shows that refined product inventories in the Amsterdam-Rotterdam-Antwerp (ARA) region increased by 68kt week-on-week to 5.98mt for the week ending 25 September 2025. The addition was largely driven by gasoline and gasoil inventories rising by 35kt and 27kt to 1.2mt and 2.2mt, respectively. However, fuel Oil stocks declined by 22kt WoW to 964kt, while naphtha stocks fell by 15kt WoW to 532kt over the reporting week."

"In Singapore, onshore refined product stocks fell by 2.6m barrels for a third straight week to 46.9m barrels for the week ending on 24 September 2025. The fall was dominated by the residual fuel inventories falling by 2.6m barrels to 22.8m barrels over the reporting week. Meanwhile, light distillate stocks increased by 250k barrels to 14.6m barrels. However, middle distillate stocks fell marginally by 240k barrels to 9.5m barrels."