03-04-14: Weekly ARA gasoil, gasoline stocks drop

LONDON, April 3 (Reuters) – Gasoil stocks independently held at Europe’s Amsterdam-Rotterdam-Antwerp (ARA) hub fell 6.4 percent in the week to Thursday to the lowest level since November 2008, data from Dutch oil consultant Pieter Kulsen showed.

Gasoil stocks were at 1.632 million tonnes, Kulsen said, attributing the change to a decline in heating oil demand with the end of winter coupled with a rise in demand for diesel.

Carsten Fritsch, analyst at Commerzbank, said gasoil levels were 34 percent below the five-year average.

“Normally, this should lead to a rising gasoil-Brent spread,” Fritsch said in Reuters Global Oil Forum.

Gasoline stocks declined 5.2 percent in the week to Thursday to 1.078 million tonnes, the data showed, a change Kulsen said reflected the switch from winter to summer blends of the motor fuel ahead of the peak driving season.

“The winter grade is almost gone … At a certain moment along the Rhine there is more demand for summer quality,” he said.

Naphtha stocks declined 3.7 percent to 182,000 tonnes. Fuel oil stocks rose 21.5 percent to 593,000 tonnes and jet fuel inventories dropped 14.5 percent to 396,000 tonnes.

03/04/14 27/03/14 04/04/13
GASOLINE 1,078 1,137 959
NAPHTHA 182 189 105
GAS OIL 1,632 1,744 2,464
FUEL OIL 593 488
841
JET FUEL 396 463 302
All figures in thousands of tonnes
Incoming cargoes Outgoing cargoes
GASOLINE France, Latvia, Russia, Britain France, Mexico, Mediterranean for orders, West Africa for orders, United States
NAPHTHA Russia, Britain CIF NWE for orders
GAS OIL India, Russia, Britain, United States France, Britain
FUEL OIL Brazil, Finland, France, Russia, Britain One VLCC loaded for Singapore
JET FUEL Middle East Britain, France

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