LONDON, July 16 (Reuters) – ARA gasoil stocks independently stored in the Amsterdam-Rotterdam-Antwerp hub rose to a record high in the week to Thursday, data from Dutch oil consultancy PJK International showed.
Total refined product stocks in the European storage hub also rose to an all-time high as refiners in the region continue to operate at near-maximum rates while exports slow.
Gasoil stocks, which include diesel, increased as storage incentives grew with the prompt low-sulphur gasoil futures traded at a deeper discount to the September contract, in what is known as contango.
“The contango widened so that stimulates putting product in storage, also we saw lots of imports and local production is still quite high,” PJK analyst Patrick Kulsen said.
“All the ingredients to keep stocks rising are there.”
Gasoline stocks also rose over the past week as exports to the U.S. East Coast and the Middle East, which helped drive gasoline refining margins to a 10-year high in recent weeks, have slowed, Kulsen said.
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Weekly ARA stocks (in ‘000 tonnes)
|Incoming cargoes||Outgoing cargoes|
|Gasoline||Denmark, Finland, Lithuania, Russia, Sweden, UK||Mexico, USA, WAF|
|Gasoil||Russia, Saudi Arabia, USA||Algeria|
|Fuel oil||Denmark, France, Ivory Coast, Poland, Russia, Spain, UK||VLCC expected to arrive on July 19 to load for Singapore|
|Jet fuel||Saudi Arabia||None|
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