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.
|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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