LONDON, Oct 16 (Reuters) – Gasoline stocks at Europe’s Amsterdam-Rotterdam-Antwerp hub fell to a three-year low this week of 490,000 tonnes, according to data from Dutch-based oil consultancy PJK International.
A strong pull in export cargoes, mostly to the U.S. East Coast drove the nearly 12 percent decline from last week, according to oil consultant Patrick Kulsen.
“Gasoline is the main headline,” Kulsen said. “Exports are going to the United States and Nigeria. But most of it went to the United States.”
Refinery maintenance in the U.S. Gulf and on the Atlantic Coast sapped gasoline supplies, opening the arbitrage from Europe, which itself is in the midst of seasonal maintenance.
A gasoline-producing unit at Valero’s 270,000 barrel per day (bpd) Pembroke refinery underwent maintenance in September, while Shell’s 404,000 bpd Pernis refinery also had a planned shutdown.
Naphtha stocks also fell by 20 percent to 162,000 tonnes, which Kulsen said was as a result of blending with gasoline for export markets. But he added that overall availability of naphtha remains strong in the region.
“The stock looks quite low, but from a historic perspective, naphtha is at the high end of the bandwith,” Kulsen said.
Overall stocks fell by roughly 3 percent to 4.512 million tonnes. Fuel oil and jet fuel stocks fell, while gasoil rose slightly.
Weekly ARA stocks (in ‘000 tonnes)
|Incoming cargoes||Outgoing cargoes|
|GASOLINE||Finland, France, Norway, Britain||Estonia, Latvia, Nigeria, United States|
|NAPHTHA||Cuba, France, Russia, Brittain||None|
|GAS OIL||Canada, Germany, Latvia, Poland, USA||
|FUEL OIL||Finland, Norway, France, Poland, Russia, Britain||No VLCCs
|JET FUEL||Saudi Arabia||None|
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