LONDON, Feb 12 (Reuters) – Gasoil stocks held in independent storage at Europe’s Antwerp-Rotterdam-Amsterdam hub rose to a 16-year high of 3.065 million tonnes in the week to Thursday, data from Dutch-based PJK International showed.
Stockpiling by traders to take advantage of a contango market structure – which has now been eroded – and imports from outside the region have pushed gasoil inventories to their highest level since March 1999, consultant Patrick Kulsen said.
He added that some market participants may have stocked up ahead of seasonal maintenance lasting two months at the Miro refinery in Karlsruhe, Germany.
Gasoline stocks fell 22 percent to 811,000 tonnes, as large numbers of cargoes departed for the United States, West Africa and Latin America.
Weekly ARA stocks (in ‘000 tonnes)
|Incoming cargoes||Outgoing cargoes|
|Gasoline||Latvia||LATAM, East of Suez, US, WAF|
|Gasoil||Latvia, Qatar, Russia, Saudi Arabia, Sweden US||South Africa, USAC|
|Fuel oil||Brazil, Estonia, France, Germany, Polan, Russia, US||2 VLCC loading for Singapore|
|Jet fuel||India, Qatar||None|
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