Independently held gasoil stocks jump 5 percent

Gasoil stocks were up at 2.133 million tonnes from 2.030 million tonnes last week. “Winter demand has been very slow, with German heating oil stocks still low, but cold weather is coming,” Kulsen said.

Trade souces said in December that German residential heating oil stocks were unchanged at 59 percent of tank capacity at the start of December. Stocks typically rise into the middle of the winter, and the current is below the long-term average of 65 percent, assessed between 1988 and 2011

Gasoil stocks came in from Latvia, Norway, Russia, the UK and the United States. It departed for Algeria, Guinea and the Mediterranean for orders. All other oil products stocks also rose.

Kulsen said refiners and storage firms felt less pressure to keep stocks low after squaring their books for the year end. Many maximise cash positions at the end of the year to make their balance sheets look as healthy as possible, and now it is January they are able to buy up product, Kulsen said.

Gasoline stocks rose 8.6 percent to 754,000 tonnes. This was partly a function of buyers moving slowly back into the market after the winter break, Kulsen said.

Gasoline cargoes came in from Finland, France, Latvia, Portugal, Russia, Sweden and the UK. They left for Libya, Algeria, the U.S. and Venezuela.

10/1/13 3/1/13 12/1/12
GASOLINE 754 694 716

NAPHTHA 168 152 47

GAS OIL 2,133 2,030 1,837

FUEL OIL 923 877 560

JET FUEL 280 257 490

All figures in thousands of tonnes

Naphtha inventories rose to 168,000 tonnes from 152,000 tonnes the week before. Naphtha cargoes arrived from Russia, while none departed.

Fuel oil stocks rose to 923,000 tonnes from 877,000 tonnes, boosted by imports from the UK, Poland, Russia, Finland, Lithuania and Italy. Kulsen said one very large crude carrier had departed for Singapore.

Jet inventories rose for a third week, reaching 280,000 tonnes, after hitting a record low in December. They were well below the 490,000 tonnes seen last year.

Cargoes came in from India and the UK and left via barges and for the aviation sector.
ICE Futures

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