LONDON, Aug 21 (Reuters) – Gasoil stocks independently held at Europe’s Amsterdam-Rotterdam-Antwerp hub rose 1 percent to 2.741 million tonnes, the highest level since early February 2012, Dutch oil analyst Patrick Kulsen said on Thursday.
Gasoil inventories were the highest since the week of Feb. 9, 2012 as traders take advantage of the contango structure of the gasoil futures curve, Kulsen said.
A contango curve means the front month price is lower than the following month, making it advantageous to buy cheap prompt product and store it to sell at a higher price later.
Gasoline stocks rose 7 percent week-on-week to 775,000 tonnes. Jet fuel stocks rose to 461,000 tonnes, fuel oil inventories fell to 613,000 tonnes and naphtha stocks slipped to 209,000 tonnes.
|Incoming cargoes||Outgoing cargoes|
|GASOLINE||France, Latvia, UK||Nigeria, USA|
|NAPHTHA||Germany, France, Latvia, Poland, Portugal, Russia, UK||—|
|GAS OIL||Latvia, Poland, Venezuela, USA||France, UK|
|FUEL OIL||Brazil, Poland, Russia, UK||Far East, USA|
|JET FUEL||Saudi Arabia||—|
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