LONDON, July 18 (Reuters) – Gasoline stocks independently held in Europe’s Amsterdam-Rotterdam-Antwerp hub slid 10 percent from last week due to exports to Asia and the United States, data from Dutch oil analyst Patrick Kulsen showed on Thursday.
He said that an arbitrage to the United States and an unusual, large shipment to Singapore weighed on stocks.
“A 90,000 tonne vessel left the Amsterdam port, the largest possible from that port and I was told it had to wait for the right tide before it could leave,” Kulsen said.
Tanker fixtures to the United States increased over the past week following a recent series of refinery outages in the East Coast and the U.S. Gulf.
Gasoline stocks fell to 705,000 tonnes from 783,000 tonnes the data showed.
Gasoline left to Senagal, Canada, the United Kingdom, France and Greece as well as the United States and Singapore, Kulsen said.
It came in from France, Spain and the United Kingdom.
Naphtha stocks rose to 149,000 tonnes from 124,000 tonnes the previous week.
It came in from Spain, Russia and the United States, while none left.
All figures in thousands of tonnes
Gasoil stocks rose slightly to 1.886 million tonnes from 1.837 million tonnes last week, which was a low since November.
“Traders have no incentive to hold stocks because of backwardation, and because the premium (on physical stocks to futures) was so low,” Kulsen said.
Fuel oil fell 21 percent to 529,000 tonnes – the lowest level this year – from 672,000 last week. Kulsen ascribed this to the departure of two VLCCs in the last two weeks, including one that had been due to sail on Thursday.
Gasoil came in from Latvia, Russia and the United States and departed to Senegal.
Jet fuel stocks fell to 359,000 tonnes from 367,000 tonnes the previous week. Shipments came in from India and the United States, while none departed.
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