LONDON, Nov 26 (Reuters) – Gasoil stocks independently held in the Amsterdam-Rotterdam-Antwerp (ARA) hub rose to a one-month high in the week to Thursday, data from Dutch consultancy PJK International showed.
The discount of prompt diesel prices to later months known as contango, deepened over the past week on higher supplies and limited demand.
An increase in water levels along the Rhine river after months of extremenly low levels that limited barge traffic did little to increase demand from inland markets including Germany and Switzerland.
“The contango still makes storing product interesting. With better loading along the Rhine, barges are able to load more than before but demand remains stable,” PJK’s Pieter Kulsen said.
Gasoline stocks were little changed over the past week.
Weekly ARA stocks (in ‘000 tonnes)
|Incoming cargoes||Outgoing cargoes|
|Gasoline||UK, Baltics||Brazil, Mexico, Nigeria, USA|
|Gasoil||Lithuania, Saudia Arabia, UK, USA||None|
|Fuel oil||France, Norway, Poland, Russia, UK||VLCC sailing Nov. 27 for Singapore, VLCC expected Nov. 27|
|Jet fuel||Taiwan, UAE||None|
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