Gasoil stocks held in independent storage at Europe’s Antwerp-Rotterdam-Amsterdam hub rose by 7 percent in the week to Thursday to 2.921 million tonnes, data from Dutch-based PJK International showed.
Gasoline, naphtha and jet fuel stocks also rose while fuel oil stocks declined. Total ARA stocks rose to their highest level since January 2010, according to PJK analyst Patrick Kulsen.
The rise in gasoline and naphtha stocks was due to large imports from Russia as well as the contango in the market structure, when prompt prices are lower than future prices, encouraging storage.
Gasoil stocks rose to their highest level since May 2011 due to the contango in the market as well as weakening end-user demand along the river Rhine, Kulsen said.
|Incoming cargoes||Outgoing cargoes|
|GASOLINE||Israel, Italy, Poland, Russia, Sweden||Canada, Med, WAF, US|
|NAPHTHA||France, Germany, Russia||Denmark, Sweden, Russia|
|GAS OIL||Qatar, Russia, US||UK|
|FUEL OIL||Brazil, Germany, Russia, UK, USA||1 VLCC departure to Singapore Jan. 22|
|JET FUEL||South Korea, UAE, US||none|
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