LONDON, Oct 2 (Reuters) – Gasoil stocks independently held at Europe’s Amsterdam-Rotterdam-Antwerp hub rose 4.8 percent in the week to Thursday, according to data from Dutch-based oil consultancy PJK International.
Gasoil inventories, which include diesel, rose to 2.867 million tonnes, the highest since June 2011, boosted by large import volumes from Russia and Latvia, oil consultant Patrick Kulsen said.
“There is some movement along the Rhine because of the low prices but the market is still well supplied,” he added.
Barge traffic is also being hindered by low water levels, which dropped to 159 cm at the key measuring point of Kaub on Thursday. Water levels below 180 cm mean that barges cannot sail fully loaded, pushing up freight rates.
Gasoline stocks fell 8.2 percent to 591,000 tonnes, an 11-month low, with notable export volumes to the United States and Saudi Arabia.
Naphtha inventories rose to 263,000 tonnes, the highest level on record, as demand from petrochemical end-users remained weak, and traders looked to exploit profitable storage opportunities created by the contango in the naphtha cargo swaps curve.
Fuel oil stocks slipped slightly to 639,000 tonnes, whilst jet fuel stocks leapt to 522,000 tonnes from 422,000 tonnes last Thursday.
Kulsen said this was the highest level since the start of March 2012. He attributed the rise to large import volumes from the Middle East and Far East.
Weekly ARA stocks (in ‘000 tonnes)
|Incoming cargoes||Outgoing cargoes|
|GASOLINE||Russia, Britain||Caribbean, Latvia, Saudi Arabia, USA|
|NAPHTHA||Estonia, France, Britain||None|
|GAS OIL||Latvia, Russia, Venezuela||Britain, WAF for orders|
|FUEL OIL||Brazil, Poland, Russia||None|
|JET FUEL||India, Qatar, South Korea||None|
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