LONDON, May 2 (Reuters) – Gasoil stocks independently held in Europe’s Amsterdam-Rotterdam-Antwerp hub fell 6 percent week on week, data from Dutch oil analyst Patrick Kulsen showed on Thursday.
Strong gasoil barge demand along the Rhine and a strong flow to Argentina, where the biggest refinery was shut down due to fire, were the main drivers of the draw in stocks.
Gasoil inventories fell to 2.231 million tonnes from 2.374 million in the previous week. Cargoes arrived into the region from Russia and headed out to Argentina, Kulsen said.
“The contango (in gasoil futures prices) supported demand from importers along the Rhine and end consumers,” he said.
Fuel oil stocks dropped 4.1 percent to 768,000 tonnes as product moved for bunkering.
Fuel oil cargoes arrived from Brazil, France, Lithuania, Poland and Russia. A VLCC from ARA to Singapore was scheduled to start loading on May 8.
Jet fuel stocks rose 21 percent to 375,000 tonnes with demand from the aviation sector expected to rise ahead of the summer holiday season, Kulsen said.
Jet cargoes arrived from India and the United Arab Emirates.
All figures in thousands of tonnes
Gasoline stocks fell by 3.1 percent to 994,000 tonnes.
Cargoes arrived from Britain, France, Germany, Latvia and Turkey and headed out to Britain, Mexico, Nigeria and the United States.
Naphtha stocks rose 32 percent as demand from Asia grows due to falling prices in Europe.
Cargoes arrived from Latvia. Traders expected up to 1 million tonnes of naphtha to head to Asia in May due to a widening price gap between the regions, up from the average of around 600,000 tonnes.
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