LONDON, April 6 (Reuters) – Fuel oil stocks in independently held storage in the Amsterdam-Rotterdam-Antwerp hub fell by over a quarter in the week to Thursday as shipments of the fuel went to Singapore, data from Dutch consultancy PJK International showed.
Stocks were down 25.3 percent at 1.15 million tonnes, after hitting an all-time high last week, as two very large crude carriers and a Suezmax carrying the fuel left the hub for Singapore in the past week, PJK’s Patrick Kulsen said.
In contrast, gasoline stocks were up by 11.6 percent at around 1.1 million tonnes as export activity from the region slowed.
Gasoil stocks edged lower as a contango in the market weakened, making storage economics less attractive to traders. Stocks also fell due to higher than average inland demand and slower imports from the Baltic region.
|Learn more on current and future market dynamics that impact the ARA tank storage sector in our revised ARA TT study.|
|PJK International is also consulted for (medium and long term) supply and demand forecasting, tradeflow forecasting, oil tanker vessel tracking and its view on price trends on NWE oil markets. Read more on PJK Consultancy Services.|
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