Amsterdam

Stocks across the Amsterdam-Rotterdam-Antwerp hub fell to their lowest since November 2014 in The Week to 28 May, when they normally build ahead of summer. By mid-June, Hormuz closures had cut Saudi Arabia's share of ARA diesel imports to 12% from a usual third or more. US and Brazilian cargoes filled the gap, paying $1.50 to $2.00 a barrel more in freight.

That replacement supply travels further, so any delay reaches Amsterdam's tanks as thinner receipts. Gasoil imports halved to about 84,000 barrels a day by 15 July, from 188,000 in June, and hub stocks fell to about 13.48 million barrels.

The ARA crack, the margin between diesel and crude quoted at the hub, is the reference for how tight Northwest Europe's fuel market has become. It hit a record $60.17 a barrel on 8 July, the day Russia widened its diesel export ban to run through 31 July.

By 30 July Argus put the ARA crack at $85.86. The West Mediterranean crack ran ahead at $91.67, with the Mediterranean premium over Northwest Europe at $33.50 a tonne, a three-month high. Mediterranean refiners lean harder on Red Sea routes, so the disruption there reached them before it reached the Amsterdam end of the market.

Amsterdam halved its short-let cap in the city centre and De Pijp from 30 to 15 nights a year on 1 April 2026, while outer boroughs kept the 30-night limit. The Netherlands had already more than doubled VAT on accommodation, to 21%, on 1 January. With the city's 12.5% tourist levy, the total tax on a central stay now sits near a third of the bill.

The Dutch national short-let registration portal was still unbuilt on 29 May, after the EU short-let rule reached full application on 20 May. Amsterdam therefore enforces its cap through its own licensing system. By July, Cyprus hoteliers were lobbying for a short-let cap of their own.