LONDON, Nov 21 (Reuters) – Gasoil stocks independently held at Europe’s Amsterdam-Rotterdam-Antwerp hub dropped 5.4 percent from last week to 1.733 million tonnes, their lowest level since late 2008, data from Dutch oil consultant Pieter Kulsen showed on Thursday.
Gasoline stocks also fell sharply, declining 28.2 percent from last week to 499,000 tonnes, their lowest level since Oct. 25, 2012, the data showed.
Naphtha stocks dropped 60 percent to 46,000 tonnes, their lowest level since Nov. 1, 2012, the data showed.
“Gasoil is down but demand along the Rhine is still slow,” Kulsen said, while the onset of the winter season was not yet effectively influencing demand for products.
Kulsen said increased cargo trade had resulted in the gasoline draw down.
“It has been affected by a lot of product moving cargowise,” he said.
Strong Asian demand has also seen significant volumes of naphtha heading east in recent weeks. Kulsen said stocks were down on demand for naphtha both as a component in gasoline blending and as a feedstock for petrochemical plants.
Fuel oil stocks recorded an 8.3 percent rise to 767,000 tonnes compared to the week before, the data showed. Jet fuel inventories were down 2.6 percent at 303,000 tonnes.
“Aviation companies are buying strictly what they need so not a lot of product is moving,” Kulsen said.
|Incoming cargoes||Outgoing cargoes|
|GASOLINE||Lithuania, Sweden, Spain, Britain||Angola, Argentina, China, France, Nigeria, South Africa, Britain, US|
|NAPHTHA||Russia||Asia, cif NWE four orders|
|GAS OIL||India, Lithuania, US||France, UK|
|FUEL OIL||Brazil, France, Russia, Britain||—|
|JET FUEL||India, South Korea||—|
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