Weekly ARA gasoil stocks gain, but seen pressured
LONDON, Jan 3 (Reuters) – Gasoil stocks independently held at the Amsterdam-Rotterdam-Antwerp hub gained 5.8 percent week-on-week, data from Dutch oil analyst Pieter Kulsen showed, but conditions are in place which could push levels lower in coming weeks.
Gasoil inventories climbed to 2.030 million tonnes from 1.919 million tonnes last Thursday, but lower levels on the Rhine, and the end of year could see stocks move out of storage, Kulsen said.
“There’s been no buying pressure but the market may reactivate next week if the demand is there, with the end of fiscal year out of the way.”
Purchasers had held off buying stocks to keep inventories at a minimum for year-end accounting purposes, Kulsen said.
The Rhine is a key artery for the transport of oil products and other commodities from the coast into France, Germany and Switzerland.
High levels led to barges going on slow steam last week, but this is no longer the case, Kulsen said.
Gasoil stocks were also boosted by cargoes arriving at the ARA hub from Latvia, Russia and the United States.
Also, unusually, a cargo came in from West Africa. Kulsen put this down to a possible problem with specification leading it to be returned to Europe.
Some gasoil cargoes departed for the Mediterranean for orders.
All figures in thousands of tonnes
Gasoline stocks gained to 694,000 tonnes from 624,000 tonnes last Thursday, with cargoes departing for Nigeria, the United States and West Africa for orders.
Gasoline cargoes arrived at the ARA hub from France, Finland, Russia and the UK.
Naphtha inventories bounced back up to 152,000 tonnes from 95,000 tonnes.
Kulsen said this was partly in anticipation of product moving into the ARA gasoline pool for blending, while demand from the petrochemical industry remained muted.
Naphtha cargoes arrived from Russia.
Fuel oil stocks rose to 877,000 tonnes from 855,000 tonnes, boosted by imports from Brazil, the UK, Poland and Russia.
Kulsen said one very large crude carrier had departed for Singapore.
Jet inventories rose for a second week, reaching 257,000 tonnes, after hitting a record low in December.
Cargoes came in from India and left via barges and for the aviation sector.
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