LONDON, Dec 31 (Reuters) – Gasoline stocks in the Amsterdam-Rotterdam-Antwerp storage hub fell by 11 percent on the week due to strong demand in the United States and West Africa, according to Dutch consultancy PJK International.
Gasoline stocks dropped by just over 100,000 tonnes as traders looked to take advantage of solid demand outside of Europe.
“Gasoline is down by a lot due to exports to the U.S. and West Africa,” said PJK’s Patrick Kulsen. “The arbitrage is open.”
Gasoil stocks also fell, by nearly 7 percent, due to a narrower contango and efforts to destock ahead of the year-end. Kulsen said there were also some indications of distillate exports to North Africa, particularly Morocco.
Morocco’s only oil refinery has been shut since the summer. Morocco is also preparing for a switch to 10 ppm diesel in March 2016, from the current level of 50 ppm.
|Incoming cargoes||Outgoing cargoes|
|Gasoline||Baltic, France, Russia, Spain, UK||US, WAF|
|Naphtha||France, Germany, Russia||Far East|
|Gasoil||Baltic, India, Russia, US||None|
|Fuel oil||Russia, France, UK||ne VLCC left Dec. 29 for Singapore|
|Jet fuel||Saudi Arabia, UAE||None|
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