LONDON, July 4 (Reuters) – Gasoline stocks independently held at Europe’s Amsterdam-Rotterdam-Antwerp hub rose by 3.1 percent week on week, data from Dutch oil analyst Pieter Kulsen showed on Thursday.
Gasoline inventories were at 721,000 tonnes compared with 699,000 the previous week. Stocks were drawn down by deliveries to Mexico, Nigeria, the United Kingdom and the United States.
“It was one cargo… rather big. About 57,000 tonnes,” said Kulsen, commenting on the first transatlantic delivery from Europe in weeks, just ahead of the Independence Day holiday in the United States.
“The last 3-4 weeks there has been no real export demand… compared to 3-4 years ago, that demand (for summer exports to the U.S.) has disappeared.”
Gasoil stocks recovered slightly after hitting their lowest level in 2013 last week. Stocks were at 1.897 million tonnes, up slightly from 1.87 million.
Cargoes arrived from Latvia, Russia and the United States and departed for France, the Mediterranean and West Africa to await further orders.
Summer demand for diesel accounted for much of the activity in gasoil markets on the continent, Kulsen said.
“Because of the season, supplies are going to Germany, France and Italy,” he said.
All figures in thousands of tonnes
Fuel oil levels jumped 12.4 percent, partly because a vessel that had been scheduled to load this week for export to Singapore was delayed by a couple of days to July 8.
Naphtha was unchanged, while jet fuel showed a small rise, as supplies were replenished by a delivery from Yemen, but drawn down by demand from the aviation sector.
“Seems there is short term demand,” said Kulsen, commenting on reports of firm demand by the sector. “A lot of people are using planes to take advantage of better circumstances, like sunshine, elsewhere.”
Yet Kulsen said backwardation continued to deter airlines and other buyers from holding stock in storage.
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