LONDON, March 28 (Reuters) – Gasoline stocks independently held in Europe’s Amsterdam-Rotterdam-Antwerp hub rose this week by 8.25 percent to 1 million tonnes as traders switch to summer-grade product, data from Dutch oil analyst Pieter Kulsen showed on Thursday.
Inventories of gasoil and fuel oil also rose as demand in northwest Europe jumped due to freezing temperatures.
“There is a lot of product moving along the Rhine in Germany, France and Switzerland because of the transition from summer to winter grades and because of the cold snap,” Kulsen said.
Gasoline stocks rose this week to 1.01 million tonnes from 933,000 tonnes a week earlier.
Further supporting demand, cargoes moved from the ARA hub to West Africa, Britain and the United States, as trans-Atlantic exports, known as arbitrage, starts to pick up ahead of the peak summer demand season.
“One can expect more (gasoline) cargoes to move next week to Mexico, UK and the U.S.,” Kulsen said.
Gasoline cargoes arrived from Finland, France, Latvia, Turkey and Britain.
Naphtha stocks dropped 63 percent to 53,000 tonnes as demand from gasoline blenders rose. However, demand from plastic producers also dwindled, Kulsen said.
Naphtha cargoes arrived from France and Russia while out-going cargoes headed to northwest Europe.
Jet fuel stocks dropped 8.3 percent. One cargo from Bahrain was expected to reach the area on Friday.
“Demand in the aviation sector seems to slightly improve because of the upcoming holiday season but companies are buying only what is strictly needed,” Kulsen said.
Gasoil stocks slightly rose from 2.39 million tonnes last week to 2.48 million tonnes. Cargoes arrived from Finland, India, Norway, Latvia and Russia and headed to Gibraltar for orders and North Africa.
Fuel oil stocks declined 1.5 percent to 808,000 tonnes. Cargoes arrived from Estonia, France, Poland, Russia and Britain. One out-going vessel was expected to sail to Singapore on Friday.
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