LONDON, July 24 (Reuters) – Gasoil stocks independently held at Europe’s Amsterdam-Antwerp-Rotterdam (ARA) hub rose 3.6 percent in the week to Thursday to their highest level since April 2012 at 2.724 million tonnes, data from Dutch oil consultant Patrick Kulsen showed.
Gasoil stocks have risen every week for nearly three months as a contango in the market, where prices for later delivery are higher than those for prompt delivery, has encouraged refiners and traders to store the fuel.
Gasoline stocks rose 5.3 percent to 873,000 tonnes.
Kulsen said this was due to a lack of purchases from West Africa, which typically buys cargoes every week. Naphtha and jet fuel stocks also rose while fuel oil stocks fell.
|Incoming cargoes||Outgoing cargoes|
|GASOLINE||Britain, Latvia, Latin America, Estonia||Caribbean, Norway, USA|
|NAPHTHA||Germany, Russia, UK||—|
|GAS OIL||Estonia, Latvia, Russia, USA||France|
|FUEL OIL||Brazil, France, Italy, Poland, Russia||—|
|JET FUEL||South Korea, Saudi Arabia||—|
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