LONDON, March 16 (Reuters) – Stocks of oil products in independently held storage in the Amsterdam-Rotterdam-Antwerp (ARA) hub hit an 11-month high in the week to Thursday, with fuel oil at its highest since the figures have been collected, data from Dutch consultancy PJK International showed.
Total product inventories climbed by more than 6 percent to 6.6 million tonnes, the highest since April 2016. Fuel oil inventories rose by more than 19 percent to 1.398 million tonnes, the highest recorded in since PJK began gathering the data in 1995.
PJK’s Patrick Kulsen said there are no VLCCs of fuel oil scheduled to sail in the coming week, but imports continue to arrive from refineries in Estonia, France, Norway and the United Kingdom.
After edging close to an eight-month high, Singapore onshore fuel oil inventories fell this week to a two-week low. Most of the cargoes that leave Europe sail for Asia.
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