LONDON, May 18 (Reuters) – Stocks of gasoil in independently held storage in Europe’s Amsterdam-Rotterdam-Antwerp hub fell by nearly 8 percent this week as strong demand across the region drained tanks, consultants PJK International said on Thursday.
Gasoil stocks slid by 7.8 percent, to 2.973 million tonnes, as buyers throughout Europe stocked up on cargoes.
“There is strong demand in Northwest Europe, the Mediterranean, the hinterland,” PJK’s Patrick Kulsen said, referring to inland Europe. “Mostly it is demand driven.”
Kulsen added that there are also fewer exports arriving from the Baltics, which kept some stocks from replenishing.
Overall stocks of oil products fell by 3 percent to their lowest level since early March, PJK data showed.
Still, gasoline stocks edged slightly higher on the week as export volumes to the United States and West Africa slowed, and fuel oil also increased due to the fact that just one vessel loaded for Asia during the week.
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