ARA gasoline stocks slide as exports increase

Weekly ARA gasoline stocks slide as exports increase
LONDON, Jan 24 (Reuters) – Gasoline stocks independently held at the Amsterdam-Rotterdam-Antwerp hub fell by 10 percent on the week, data from Dutch oil analyst Pieter Kulsen showed on Thursday.

Kulsen put this down to strong exports to Africa and the Americas, with an open arbitrage to the United States likely to keep inventories pressured.
Gasoline stocks fell to 673,000 tonnes from 748,000 tonnes the previous week, the data showed.

“It’s to do with cargoes, there have been tenders (in North Africa), there’s demand from West Africa and the arbitrage to the United States is open, so we will see continuing cargoes,” Kulsen said. Libya’s National Oil Corporation (NOC) has chosen Greek, Russian and Italian firms as the winners of a tender to supply it with around 2.5 million tonnes of gasoline in 2013, traders said on Thursday.

Scenarios for oil market
Gasoline cargoes departed for Chile, Equatorial Guinea, Togo, the UK and the United States and came in from France, Norway, Russia, Sweden and the UK. Gasoil stocks rose by contrast, with strong backwardation and relatively high futures prices discouraging investors from moving into the market, Kulsen said.

“Wholesalers and those upstream in the supply chain can’t get rid of stocks,” he said. He said that a cold snap had failed to lead to a big draw-down in stocks because it was likely to be relatively short-lived and stocks held by German consumers were still fairly high. Gasoil stocks came in from Norway, Poland, Russia, the UK and the United Kingdom and left for Guinea and the Mediterranean for orders.

24/01/13 17/1/13 26/1/12
GASOLINE 673 748 806

NAPHTHA 163 160 40

GAS OIL 2424 2,220 2,427

FUEL OIL 806 891 695

JET FUEL 323 335 502

All figures in thousands of tonnes

Jet fuel stocks retreated to 323,000 tonnes. Jet fuel cargoes arrived from the UAE, while none left the region. Outgoing flows were limited to the aviation sector and for further refining into winter specification diesel.

Naphtha stocks crept 3,000 tonnes higher to 163,000 tonnes. Cargoes arrived from Russia and Spain while none departed. Fuel oil supplies fell to 806,000 tonnes from 891,000 tonnes. Cargoes arrived from Brazil, France, Italy, Poland and Russia, while two VLCCs were due to set sail between Wednesday and Friday.

Scenarios for oil market

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