ARA oil product stocks climb, but demand rising – PJK – Reuters News

LONDON, March 8 (Reuters) -Oil stocks in independently held storage in the Amsterdam-Rotterdam-Antwerp refining and storage hub rose by 6.9 percent in the week to Thursday, according to Dutch consultancy PJK International.

The increase was driven mainly by fuel oil stocks, which rose by more than 40 percent, and distillates, which edged 3.9 percent higher.

Still, PJK’s Lars van Wageningen said demand was rising for distillates following a cold snap across Europe that had sapped inland stocks.

“The gasoil market is getting stronger because of the cold weather,” van Wageningen said, adding that there had been export demand to Britain as well as along the Rhine into mainland Europe.

“The demand for heating oil from end consumers increased, so now importers are buying again to rebuild their stocks,” he said of the inland market.

Refinery maintenance in Germany was also leading to stockbuilding, he said.

BP said on Wednesday that planned maintenance was underway at its German oil refinery in Gelsenkirchen-Scholven, while Varo had closed units for maintenance at its Bayernoil refinery in late February.