LONDON, July 30 (Reuters) – Oil product stocks in independently held storage at Europe’s Amsterdam-Rotterdam-Antwerp hub hit an all-time high on Thursday, according to data from Dutch consultants PJK International.
All product stocks rose, for an overall gain of 4 percent in the week to Thursday. There are now 6.1 million tonnes of gasoline, jet fuel, naphtha, gasoil and fuel oil in the ARA hub locations tracked by PJK.
“We see a lot of production,” said PJK’s Patrick Kulsen.
European refineries have been running at close to maximum capacity this year to take advantage of stellar demand for gasoline, particularly in the United States.
But U.S. refineries have also ramped up production, diminishing the need for Europe’s gasoline. Gasoline stocks in ARA are now at the highest level since April 2014.
Distillates such as diesel and jet fuel have been less in demand compared with gasoline throughout the summer, and ARA jet fuel stocks are now at the highest level since the summer of 2011, Kulsen said.
Read more on the economics, drivers and market trends of the ARA tank storage market in our Knowledge center.
Weekly ARA stocks (in ‘000 tonnes)
|Incoming cargoes||Outgoing cargoes|
|Gasoline||Denmark, France, UK||Canada, Mexico, Togo|
|Gasoil||Finland, France, Russia, UK, US||Argentina for orders|
|Fuel oil||Estonia, Lithuania, Poland, Russia, Spain, UK||No new VLCCs. One VLCC arrived July 20 has loaded and is waiting to leave|
|Jet fuel||India, UAE||None|
*COPYRIGHT NOTICE* – any unauthorised use, duplication or disclosure of ARA stocks data is prohibited without prior approval of PJK International B.V.