LONDON, May 10 (Reuters) – Gasoline stocks independently held in Europe’s Amsterdam-Rotterdam-Antwerp hub this week rose to their highest level since May 2008, data from Dutch oil analyst Patrick Kulsen showed on Friday.
Gasoline inventories climbed to 1.07 million tonnes from 994,000 tonnes the previous week due to limited demand within the region in a week of public holidays across much of Europe.
Even so, exports rose from the region to the United States and Latin America.
“The gasoline market has been active in many directions, more in the cargo market than in barges,” Kulsen said.
Incoming gasoline cargoes arrived into ARA from Britain, Estonia, France, Portugal, Russia and Sweden, while vessels departed to Argentina, China, Italy, Mexico, Venezuela and west Africa for orders.
Gasoline tanker bookings from Europe to the United States have surged in May as traders have bet U.S. demand will grow in the summer driving season, despite high inventory levels.
Naphtha stocks dropped 6.6 percent to 142,000 tonnes as more product was used for gasoline blending. Demand from petrochemical plants nevertheless remained low, Kulsen said.
One naphtha cargo reached ARA from Spain. There were no outgoing vessels.
Gasoil stocks also rose 3 percent to 2.3 million tonnes as barge activity in the inland markets remained limited.
Gasoil cargoes arrived from Britain and Russia and headed out to Argentina, France and west Africa for orders.
Fuel oil ARA stocks rose 15 percent to 890,000 tonnes. A VLCC was expected to complete loading in the middle next week and head to Singapore.
Cargoes arrived from Brazil, France, Italy, Lithuania, Poland and Russia.
Jet fuel stocks declined 11.5 percent to 332,000 tonnes with demand from the aviation sector growing due to this week’s holidays, Kulsen said.
Jet cargoes arrived from Kuwait.
*COPYRIGHT NOTICE* – any unauthorised use, duplication or disclosure of ARA stocks data is prohibited without prior approval of PJK International B.V.