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.
|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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