LONDON, Sept 10 (Reuters) – Gasoil stocks in independently held storage at Europe’s Amsterdam-Rotterdam-Antwerp hub rose again on Thursday, even as stocks of all other products fell.
Gasoil stocks rose to 3.67 million tonnes, according to data from Dutch oil consultants PJK International, as cargoes arrived from a variety of regions and barge deliveries along the Rhine remained limited as a result of low water levels.
Bookings into Europe from the east, including new refineries in Saudi Arabia, are set to reach another record in September, according to traders. PJK’s Patrick Kulsen said with an ongoing gasoil contango, stocks are likely to build further.
“I would expect it to keep going until tanks are full,” Kulsen said.
But stocks of gasoline and naphtha fell as backwardation prompted more exports. Kulsen said there were more exports to the United States, while traders said buying interest in West Africa had also increased.
Nigeria, a key buyer in the region, issued additional gasoline import allocations earlier this month, as state oil company NNPC said it also signed interim oil swap agreements in order to keep gasoline deliveries flowing.
Jet fuel and fuel oil stocks were also slightly lower, bringing total oil product stocks off last week’s all-time high.
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Weekly ARA stocks (in ‘000 tonnes)
|Incoming cargoes||Outgoing cargoes|
|Gasoline||Italy, Russia, Spain||Canada, US, Togo|
|Gasoil||India, Russia, UK, US||None|
|Fuel oil||Estonia, Finland, France, Poland, Russia, Spain, US||Two part cargo VLCCs departed. One VLCC loading for 11 September departure to Singapore.|
|Jet fuel||South Korea||None|
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