LONDON, April 23 (Reuters) – ARA gasoline stocks held in independent storage at Europe’s Antwerp-Rotterdam-Amsterdam hub fell by 4.6 percent this week to 894,000 tonnes as several cargoes departed for Latin America and West Africa, Dutch consultant PJK International said.
Naphtha inventories slipped by 14.6 percent to 187,000 tonnes, as some naphtha went into the gasoline pool for blending. Gasoline’s premium over naphtha is currently quite wide, at about $120 a tonne, so blending should be profitable.
Gasoil stocks slipped slightly to 2.634 million tonnes. “There was solid diesel demand along the Rhine to the hinterland markets of Germany and Switzerland,” Patrick Kulsen from PJK said.
Fuel oil inventories were boosted by stockpiling ahead of the departure of two very large crude carries (VLCCs) to Singapore next week.
Jet fuel stocks also rose, to 639,000 tonnes, boosted by imports from the Middle East, and a contango structure in the swaps market. This is encouraging traders to store jet fuel with the aim of selling it at a higher price for delivery at a future date.
Weekly ARA stocks (in ‘000 tonnes)
|Incoming cargoes||Outgoing cargoes|
|Gasoline||Estonia, Norway, Poland, Russia, Britain, Spain||Latin America, Britain, West Africa|
|Naphtha||Norway, Portugal, Russia||None|
|Gasoil||Finland, Qatar, Russia,USA||None|
|Fuel oil||France, Germany, Poland, Russia, Britain||Two VLCCs, one part cargo departing April 26; one full cargo departing April 25|
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