Gasoline stocks in Europe’s Amsterdam-Rotterdam-Antwerp (ARA) hub rose to their highest level since Dutch consultancy PJK International began gathering data, the firm said on Thursday.
Inventories rose by almost 14 percent to 1.33 million tonnes as traders took advantage of a contango in the market structure to place the motor fuel into storage tanks, PJK’s Patrick Kulsen said.
“There has also been floating storage [of gasoline] on barges and there is a big congestion within the port Amsterdam in particular,” Kulsen added.
Rising imports into ARA from German refineries and recent record high inventory levels seen in the United States likely contributed to the ARA stockbuild, Kulsen said.
Naphtha stocks edged lower, mainly because feedstock is being used in gasoline blending, as export demand out of Europe remains weak.
Gasoil stocks steadied as inland demand for heating oil remained below average for this time of year, Kulsen said.
A rise of 5.5 percent in fuel oil stocks is most likely due to the expected arrival of a very large crude carrier (VLCC) to Rotterdam early next week to take a part cargo to Singapore.
|Incoming cargoes||Outgoing cargoes|
|Gasoline||Estonia, Finland, France, Russia, United Kingdom||Libya, Singapore, Togo, Ghana|
|Naphtha||Germany, Russia, United Kingdom, France||None|
|Gasoil||India, Latvia, Poland, Russia, United States||None|
|Fuel oil||France, Lithuania, Poland, Russia, United Kingdom, United States||One VLCC is expected to arrive Feb. 14 to take part cargo to Singapore|
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.
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