Rhine river freight rates in Germany have fallen sharply as rising water levels and weak barge demand eased supply logistics for Germany's middle distillate market.
Freight from the Amsterdam-Rotterdam-Antwerp (ARA) hub dropped on 12 February by €0.17/100l to Cologne, €0.68/100l to Karlsruhe and €0.72/100l to Frankfurt, while rates to Basel in Switzerland fell by SFr1.27/100l.
Reductions were steepest on the Upper Rhine, where vessels are again loading to full draft after weeks of constraints linked to low water levels and lock closures. Water depths at the critical bottleneck near Kaub are closing in on 4m and are forecast to remain at this higher level throughout February, data from the Federal Waterways and Shipping Administration show.
Domestic demand is weak, adding to a comfortable supply picture. Warmer temperatures in the week to 15 February pushed heating oil spot demand down by around 20pc on the week. Privately owned heating oil tanks are filled to about 51pc, Argus MDX data show. National average heating oil prices were stable, adding no further buying incentive.
Diesel consumption dropped after a brief uptick in the previous week, with spot volumes running about 10pc below year-earlier levels so far in 2026. Market participants cite reduced truck mileage and an elevated number of insolvencies in the transport sector as persistent structural headwinds.
The operators of the Bayernoil joint venture's 207,000 b/d Vohburg-Neustadt refinery in Bavaria have taken the Neustadt plant offline for scheduled maintenance. Operators expect works to last six weeks, during which time the plant will remain offline. Suppliers at the refinery had started to hold back spot and term supplies several weeks ago to build up inventories for the maintenance.
Trading firm Gunvor will take its nearby 100,000 b/d Ingolstadt refinery offline for maintenance at the end of this month, further restricting availability in southern Germany.
