LONDON, June 19 (Reuters) – Gasoline stocks held at Europe’s Amsterdam-Antwerp-Rotterdam (ARA) storage hub fell 4.86 percent to 842,000 tonnes in the week to Thursday, data from Dutch oil analyst Patrick Kulsen showed, amid large exports to Canada and West Africa.
Demand for gasoline, particularly across the Atlantic, tends to rise in the summer, which is the peak motoring season.
“Gasoline decreased because of large exports to Canada and Nigeria,” Kulsen said.
Gasoil stocks rose 2.48 percent to 2.153 million tonnes. Naphtha and jet fuel stocks rose while fuel oil stocks declined, the data showed.
“Gasoil is up because of there have been lots of imports from the United States and a slight contango stimulates a build in inventories,” Kulsen said.
A contango is a situation where the future price is expected to be higher than the current price. This encourages market players to buy up product even when demand is weak and store it.
Kulsen said jet stocks had fallen due to a seasonal increase in demand from the aviation industry during the summer period, when many Europeans travel abroad on holiday.
|Incoming cargoes||Outgoing cargoes|
|GASOLINE||Cuba, Estonia, UK, Norway, France||Puerto Rico, Saudi Arabia, Nigeria, United States, Canada|
|NAPHTHA||Germany, Latvia, Russia, United Kingdom||None|
|GAS OIL||France, Latvia, Russia, United Kingdom, United States||Argentina, France, Malta, United Kingdom|
|FUEL OIL||Brazil, France, Germany, Italy, Lithuania, Russia||No VLCCs|
|JET FUEL||UAE, Venezuela||None|
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