Gasoil Stockpiles Fall in Europe’s Oil-Trading Hub, PJK Says

Gasoil stockpiles in independent storage in Amsterdam-Rotterdam-Antwerp, Europe’s oil-trading hub, fell to the lowest level in more than two months, according to PJK International BV.

Gasoil inventories declined 6 percent to 2.64 million metric tons in the week to today as cargoes were exported to the Mediterranean, the Middle East and west Africa, according to PJK, a consultant in the Netherlands. That’s the lowest level since April 21. Cargoes of the fuel, which includes heating oil and diesel, arrived from Russia, Sweden, the U.K. and the U.S.
“Cargo-wise, there was more demand,” Pieter Kulsen, founder of PJK, said by phone from Oosterhout, where the company is based. “Outgoing cargoes outweighing incoming vessels was the main factor in lowering the stocks.”
Gasoline stockpiles declined 0.6 percent to 699,000 tons as the motor fuel was sent to Denmark, Mexico, South Africa and west Africa, according to PJK data. Supplies arrived from Denmark, France, Russia and the U.K.
Naphtha stores dropped 13 percent to 92,000 tons even as product arrived into the ARA area from Russia and Spain, the data show.
Fuel oil stocks decreased 2.1 percent to 732,000 tons as two very large crude carriers have loaded destined for Singapore, according to PJK. Cargoes arrived from France, Lithuania, Poland, Russia, the U.K. and the U.S.
Jet fuel increased for a second week, rising 8.1 percent to 467,000 tons on imports from Kuwait and Qatar, PJK said. That’s the highest level in a month.
Source: Bloomberg