24-12-14 ARA gasoline stocks rise to 4-month high

LONDON, Dec 24 (Reuters) – Weekly gasoline stocks at Europe’s ARA hub rose 8.3 percent to a five month high of 819,000 tonnes from 756,000 tonnes last week, data from PJK International showed on Wednesday.

“A contango in the market stimulates stock building,” said Netherlands-based Pieter Kulsen.

He was referring to the market structure where prices are more expensive for later than immediate delivery making storage profitable.

Higher stocks have helped to depress the gasoline crack, which is only slightly in positive territory.

Gasoil stocks rose to 2.677 million tonnes from 2.653 million tonnes last week, the data showed.

24/12/14 18/12/14 27/12/13
GASOLINE 819 756 802
NAPHTHA 218 213 95
GAS OIL 2,677 2,653 1,676
FUEL OIL 684 629
661
JET FUEL 535 527 434
All figures in thousands of tonnes
Incoming cargoes Outgoing cargoes
GASOLINE France, UK Med for orders
NAPHTHA Estonia, Denmark, Latvia none
GAS OIL Qatar, Poland, Portugal, Sweden Argentina for orders
FUEL OIL Russia, UK One VLCC destination Singapore
JET FUEL Kuwait, South Korea, Portugal none

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