LONDON, Oct 23 (Reuters) – Gasoil stocks at Europe’s Amsterdam-Rotterdam-Antwerp hub dropped 4.2 percent in the week to Thursday to a six-week low of 2.687 million tonnes, data from Dutch-based oil consultancy PJK International showed.
Buying interest across Europe and the Mediterranean for gasoil for both consumption and storage sapped the stocks, PJK oil consultant Patrick Kulsen said.
Gasoline stocks were little changed, rising to 494,000 tonnes from 490,000 tonnes a week earlier. Naphtha stocks fell to 139,000 tonnes, from 162,000 tonnes the previous week, which is down to demand for blending with gasoline. But Kulsen said stocks for both gasoline and naphtha are balanced overall.
Overall product stocks at 4.352 million tonnes are well above the 3.656 million tonnes in storage the same week in 2013.
“There has been a contango in the market that was not there last year,” Kulsen said. “It has decreased in the past week or so, and that is in line with the decrease in stocks.”
Stocks of all products in ARA fell by 160,000 tonnes from last week’s level of 4.512 million tonnes.
|Incoming cargoes||Outgoing cargoes|
|GASOLINE||France, Italy, Latvia, Sweden, Britain||Mexico, Nigeria, Norway, US, Britain, WAF|
|NAPHTHA||Spain, Russia, Britain, US||France, Britain|
|GAS OIL||Poland, Russia, US||France, Med, Britian|
|FUEL OIL||France, Poland, Russia, Britain||WAF|
|JET FUEL||South Korea||—|
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