LONDON, Jan 30 (Reuters) – Gasoline stocks independently held at the Amsterdam-Rotterdam-Antwerp hub rose by 32 percent week-on-week to 991,000 tonnes, data from Dutch oil consultant Pieter Kulsen showed on Thursday, in anticipation of a rise in demand.
“Gasoline stocks are up because of more expected demand in February,” Kulsen told Reuters.
Gasoil stocks fell to 1.839 million tonnes from 1.937 million tonnes last Thursday. Although demand remained tepid due to mild winter temperatures, Kulsen said backwardation at the front of the ICE gasoil futures LGOc1 curve discouraged storage.
When a curve is backwardated the future contracts trade at a lower price than the front month, which makes it expensive to store oil.
“Gasoil demand slightly picked up because of the colder weather but nothing too exciting,” said Kulsen. “There is still a very slack market along the Rhine simply because of the steep backwardation.”
Naphtha, fuel oil and jet fuel inventories were all up week-on-week.
Kulsen said limited demand from the aviation sector had resulted in the build in jet fuel stocks.
|Incoming cargoes||Outgoing cargoes|
|GASOLINE||Denmark, Germany, France, Poland, Britain||Latvia, Britain, Mexico, West Africa, for orders|
|GAS OIL||Germany Bremen area, Norway, Russia, Latvia||France|
|FUEL OIL||Russia, France, Poland, Spain||VLCC to arrive Jan. 31 destination Singapore
|JET FUEL||India, Saudi Arabia||France|
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