ONDON, June 27 (Reuters) – Gasoil and gasoline stocks independently held at Europe’s Amsterdam-Rotterdam-Antwerp hub fell this week to their lowest levels in months, data from Dutch oil analyst Pieter Kulsen showed on Thursday.
Gasoline stocks tumbled 11 percent to 699,000 tonnes, the lowest since January, while gasoil inventories fell almost 10 percent to 1.867 million tonnes week on week, the lowest since December 2012.
Demand for gasoline and diesel has picked up both in the region and overseas as the peak summer demand season approaches, Kulsen said.
“Demand is picking up along the Rhine in France, Germany and Switzerland and a lot of cargoes are moving out of the region, too,” Kulsen said.
Gasoil ICE futures have recently switched into backwardation, when prompt prices are higher than those for products delivered at a future date, reducing sales, he added.
Gasoline cargoes entered the ARA hub from Britain, Denmark, France, Latvia and the ARA region and headed out to Britain, China, Denmark, Mexico, Nigeria, Poland and Togo.
Gasoil cargoes arrived from Russia and the United States and sailed to France, Nigeria, Togo and West Africa for orders.
All figures in thousands of tonnes
Naphtha was the only product to record a rise, up 26 percent to 175,000 tonnes. Incoming naphtha cargoes arrived from Germany and Russia.
Fuel oil stocks dipped to 667,000 tonnes and jet fuel fell to 352,000 tonnes.
Fuel oil cargoes arrived from Britain, Brazil, Italy, Poland and Russia. One VLCC was scheduled to load for Singapore after July 5. One jet cargo arrived from Bahrain.
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