LONDON, Jan 8 (Reuters) – Gasoline stocks independently held at Europe’s Antwerp-Rotterdam-Amsterdam hub fell by 18.3 percent to 730,000 tonnes in the week to Thursday, data from Dutch-based PJK International showed.
“The cargoes going to Singapore were the main cause for the drop,” PJK’s Patrick Kulsen said.
Overall stocks including gasoline, gasoil, diesel, fuel oil, naphtha and jet hit a fresh 3-1/2-year high last week, reaching 5.184 million tonnes. The increase was driven by gains in gasoil, which rose 6.2 percent to 2.786 million tonnes, the data showed. Stocks of naphtha and fuel oil also increase.
“The market is in contango,” Kulsen said. “That stimulates traders to hold on to inventory.
|Incoming cargoes||Outgoing cargoes|
|GASOLINE||Finland, Italy, Norway, Britain||Sinagpore, Spain|
|GAS OIL||Estonia, Finland, Poland, Russia, Britain||France, Britain|
|FUEL OIL||Brazil, Finland, Lithuania, Russia, US, Germany||One VLCC destination Singapore, 9 January departure|
|JET FUEL||South Korea, Kuwait||none|
PJK International – Oliehandel Training
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