ARA distillate stocks slip 6 pct on the week

LONDON, Nov 16 (Reuters) – Distillate stocks held in independent storage tanks at the Amsterdam-Rotterdam-Antwerp (ARA) storage and refining hub fell by a little more than 6 percent in the week to Thursday, according to data from Dutch consultancy PJKInternational.

Gasoil stocks slid to 1.931 million tonnes on the back of exports to Latin America and rising demand for heating oil in inland Europe, PJK’s Lars van Wageningen said.

“Demand in the hinterland is increasing. It’s getting colder along the Rhine and water levels are increasing substantially,” he said, adding that this will enable vessels to sail fully loaded.

Van Wageningen said that exports to Brazil and Argentina were also helping to clear stocks.

Fuel oil stocks also fell, by nearly 9 percent to 1.278 million tonnes, as cargoes loaded for Asia and West Africa.