LONDON, Dec 18 (Reuters) – Gasoline stocks at Europe’s ARA hub rose by 10.5 percent to 756,000 tonnes in the week to Thursday, their highest level since late August, according to Dutch oil analyst PJK International.
Improved economics for storage, with a contango where gasoline for later delivery is more expensive than for prompt, have pushed up gasoline stocks sharply since November.
“There’s a contango in gasoline which supports storing the product, and there’s not so much demand from overseas markets so there’s not much of an export flow,” said Patrick Kulsen.
Gasoil stocks were little changed, declining to 2.653 million tonnes from 2.660 million tonnes last week.
Fuel stocks fell, while jet fuel supply rose slightly, the data showed.
|Incoming cargoes||Outgoing cargoes|
|GASOLINE||Estonia, UK, Lithuania, Sweden||Argentina, Ghana, Norway, US|
|NAPHTHA||Estonia, Germany, Russia||none|
|GAS OIL||Qatar, Poland, Portugal, Sweden||none|
|FUEL OIL||Estonia, Poland, Russia, UK||Two VLCCs part cargo destination Singapore has left|
|JET FUEL||Kuwait, South Korea||none|
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