LONDON, Aug 27 (Reuters) – Oil product stocks independently held at Europe’s Amsterdam-Rotterdam-Antwerp hub hit a fresh all-time high on Thursday at 6.47 million tonnes, according to data from Dutch oil consultants PJK International.
This beat the previous high set at the start of August, when stockpiles topped 6.42 million tonnes.
Gasoline, naphtha, gasoil and jet fuel inventories all rose as European refineries continued to run hard to take advantage of strong margins, while contango market structures for naphtha, gasoil and jet fuel also incentivised storage.
Gasoil inventories, which include diesel, rose by almost 4 percent to 3.38 million tonnes, whilst gasoline stocks edged up by 1.3 percent to just over 1 million tonnes.
The week has not been particularly busy for incoming cargoes, but the persistence of low water levels along the Rhine and Danube rivers has led to high freight rates, keeping refined products in the ARA hub.
“It’s preventing transport,” said PJK’s Patrick Kulsen, adding that demand for storage tank capacity was so high there were reports of congestion at some tank terminals.
“Everything is booked out,” he said. “The barges are not always able to discharge.”
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Weekly ARA stocks (in ‘000 tonnes)
|Incoming cargoes||Outgoing cargoes|
|Gasoline||Finland, France, Russia, UK||Brazil, Denmark, Puerto Rico, Mexico, USA|
|Naphtha||Portugal, Russia, UK||None|
|Gasoil||South Africa, Sweden, USA||Spain|
|Fuel oil||Germany, Russia||VLCC departing for Singapore on Aug. 31|
|Jet fuel||Saudi Arabia, South Korea||None|
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