LONDON, March 21 (Reuters) – Gasoline stocks independently held in Europe’s Amsterdam-Rotterdam-Antwerp hub fell by around 4.9 percent to 933,000 tonnes, data from Dutch oil analyst Pieter Kulsen showed on Thursday. Inventories of gasoil and jet fuel also fell, while stocks of naphtha and fuel oil rose.
The transition of oil stocks to summer specification products was the main driver behind inventory level changes this week.
Gasoline stocks fell to 933,000 tonnes week-on-week from 981,000 tonnes as barges went down the Rhine to replace oil stocks with summer grade gasoline, Kulsen said.
Cargoes arrived from Finland, France, Norway, Russia and the UK, while cargoes left for Guinea, South Africa, the UK and the United States.
Naphtha stocks jumped to 143,000 tonnes from 85,000 tonnes.
“The gap between naphtha and gasoline widened, boosting demand for blending,” Kulsen said, “There was some chemical demand but this was limited.”
Gasoline also requires more naphtha to make summer grade product. Naphtha cargoes arrived from Russia, while barges went down the Rhine from ARA due to some gasoline blending demand.
All figures in thousands of tonnes
Gasoil inventories edged lower to 2.390 million tonnes compared to 2.434 million tonnes the previous week, on the back of demand to re-stock with summer specification diesel.
A cold snap also contributed to the pull on stocks, as heating oil demand rose in the Rhine region of Germany, France and Switzerland, Kulsen said.
Gasoil cargoes arrived from Finland, Russia, South Africa while out-going ones went to France, Gibraltar for orders and Northwest Africa.
Fuel oil stocks rose to 796,000 tonnes from 642,000 tonnes last week. Fuel oil cargoes arrived from Brazil, Estonia, Poland, the UK and Russia while one Very Large Crude Carrier (VLCC) left for Singapore with another due to set sail next week.
Jet fuel inventories fell to 337,000 tonnes from 374,000 tonnes owing to a rise in aviation demand as a drop in jet fuel differentials renewed buying interest, Kulsen said.
More kerosene has become available in the jet market as less is needed to make winter grade diesel. The rise in product has led to barge differentials to fall from the low $80s a tonne above gasoil futures to the mid-$50s a tonne fob ARA over the last two weeks.
Jet fuel cargoes arrived from India, while out-going product left by barge down the Rhine due to aviation demand and partly for winter quality blending.
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