LONDON, Sept 3 (Reuters) – Gasoil stocks independently held at Europe’s Amsterdam-Rotterdam-Antwerp hub rose to an all-time high in the week to Thursday at 3.5 million tonnes, according to data from Dutch oil consultants PJK International.
The gasoil contango, when front month prices trade below futures, has widened to around $5 a tonne in recent weeks, encouraging storage.
Total oil product stocks also reached a new all-time high.
Continuing low water levels along the Rhine and Danube rivers means barges are operating at around only 45 percent capacity.
Water levels are expected to decrease further in the next few days and no precipitation is expected in the Rhine region in the next fortnight, brokerage Riverlake Barging said.
Gasoline and naphtha stockpiles remained steady while fuel oil stocks rose.
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Weekly ARA stocks (in ‘000 tonnes)
|Incoming cargoes||Outgoing cargoes|
|Gasoline||Norway, Sweden, UK||Mexico, Togo, US|
|Gasoil||India, UK, US||None|
|Fuel oil||Estonia, France, Russia, UK||Two VLCC’s are estimated to depart for Singapore on 5-6 Sept.|
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