LONDON, Dec 24 (Reuters) – Stocks of gasoline rose this week in the Amsterdam-Rotterdam-Antwerp hub due to contango in that market, while naphtha edged higher allowing traders to build export cargoes, according to Dutch consultancy PJK International.
Gasoline contango encouraged traders to build speculative stock positions, according to PJK’s Patrick Kulsen, while strong demand in Asia for naphtha cargoes drew more of it into the ARA region for export.
Cargoes of distillates, including gasoil, diesel and jet fuel, all slid over the past week, which PJK put down to efforts to limit stocks before the end of the year.
Warm weather has curtailed demand across inland European markets, while falling Rhine water levels were threatening to disrupt barge loadings on the key passageway into Europe again, though Kulsen said that thus far there was not a problem finding barges.
|Incoming cargoes||Outgoing cargoes|
|Gasoline||Baltic, Russia, UK||Latin America, US, WAF|
|Naphtha||France, Germany, Italy, Russia||None|
|Fuel oil||Russia, France||One VLCC departed for Singapore on December 22. Second
to arrive Dec. 30, departing with partial for Singapore on Jan. 1
|Jet fuel||Saudi Arabia, South Korea, Taiwan||None|
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