15-05-14: Weekly naphtha stocks at record high

LONDON, May 15 (Reuters) – Naphtha stocks independently held at Europe’s Amsterdam-Rotterdam-Antwerp (ARA) hub rose to 147,000 tonnes in the week to Thursday, data from Dutch oil analyst Pieter Kulsen showed.

Naphtha was boosted by incoming cargoes from as far afield as Cuba, while European petrochemical demand remained sluggish.

Kulsen said naphtha inventories could be building in anticipation of higher demand from gasoline blenders, as Nigeria’s second-quarter gasoline allocation is in the process of being filled.

“Gasoline is also expected to move to Central and South America in coming weeks,” he said, citing Brazil and Mexico as likely buyers.

Gasoline stocks rose to 975,000 tonnes, while gasoil stocks rose to 1.663 million tonnes.
Kulsen said there was limited demand for gasoline and gasoil along the Rhine as buyers opt for cheaper product from local refiners rather than taking barges from ARA.

Fuel oil stocks fell slightly to 667,000 tonnes, and jet fuel stocks slipped to 356,000 tonnes.
Kulsen said aviation demand had picked up with the start of the holiday season. Backwardation has also encouraged traders to put product in the market.

15/05/14 08/05/14 16/05/13
GASOLINE 975 922 898
NAPHTHA 147 132 83
GAS OIL 1,663 1,619 2,118
FUEL OIL 667 617 785
JET FUEL 356 382 316
All figures in thousands of tonnes
Incoming cargoes Outgoing cargoes
GASOLINE Britain, Latvia, Germany West Africa, USA
NAPHTHA Cuba, Estonia, Germany, Russia, Poland CIF NWE
GAS OIL India, Portugal, Russia, United States CIF NWE, WAF
FUEL OIL Britain, Brazil, France, Italy, Russia, Poland None
JET FUEL Portugal, Singapore, UAE France, Britain

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