LONDON, Nov 28 (Reuters) – Gasoil stocks independently held at Europe’s Amsterdam-Rotterdam-Antwerp hub fell last week to a fresh five-year low at 1.688 million tonnes, data from Dutch oil consultant Pieter Kulsen showed on Thursday.
Gasoil stocks declined 2.59 percent from last week to the lowest level since Nov. 27, 2008, the data showed.
Explaining the relatively small decline on the previous week’s figures, Kulsen said a seasonal increase in demand for gasoil, which includes diesel and heating oil, had yet to materialise because the weather was relatively mild.
“A lot of people bought product ahead of the winter, in August or September, so no increase in demand is expected,” Kulsen said.
“Also, though it is a bit colder there is no real winter with ice and snow so far … so no real demand for now. It might get colder but we could suggest that everyone is buying only what they strictly need.”
Gasoline stocks rose 20.4 percent to 601,000 tonnes and naphtha stocks rose 41.3 percent to 65,000 tonnes.
Kulsen said inventories had built amid a decline in cargo traffic, with the return of U.S. refiners from maintenance reducing demand for European gasoline across the Atlantic, while barge trade was relatively sluggish. “Last week product went to lots of countries. This weeks it seems less,” he said.
|Incoming cargoes||Outgoing cargoes|
|GASOLINE||Latvia, Norway, Sweden, Spain, Britain, Turkey||West Africa for orders, US|
|NAPHTHA||Russia, US||cif NWE for orders|
|GAS OIL||Russia, Britain, US||France, UK|
|FUEL OIL||France, Russia, Britain, US||—
|JET FUEL||India, Qatar, Middle East||France|
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