LONDON, May 4 (Reuters) – Gasoil stocks at independently held storage in the Amsterdam-Rotterdam-Antwerp (ARA) hub jumped by 8.3 percent to their highest since September in the week to Thursday, according to Dutch consultancy PJK International.
“We saw very large volumes coming in from the Baltics and from Saudi Arabia, which explains the big rise,” PJK’s Jacob van den Berge said.
Benchmark diesel refining margins hit an eight-month low this week at less than $9 a barrel on expectations of rising imports into Europe.
Gasoline stocks also rose, gaining around 1.7 percent to 1.11 million tonnes on higher imports into the hub from other locations in northwest Europe and a slowdown in export volumes to regular outlets, van den Berge said.
Naphtha stocks jumped by almost 40 percent to 325,000 tonnes as imports into the hub rose. Slow export activity from Europe to Asia and weak demand for gasoline blending also contributed to the rise.
Only fuel oil inventories fell in the past week as cargoes loaded in the region for journeys to Singapore and West Africa.
|Learn more on current and future market dynamics that impact the ARA tank storage sector in our revised ARA TT study.|
|PJK International is also consulted for (medium and long term) supply and demand forecasting, tradeflow forecasting, oil tanker vessel tracking and its view on price trends on NWE oil markets. Read more on PJK Consultancy Services.|
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