Gasoil Stockpiles in Europe Fall to 11-Week Low, PJK Says

Author: Spencer Ogden
Date posted12/Jan/2012
Author: Spencer Ogden

Gasoil stockpiles in independent storage in Amsterdam-Rotterdam-Antwerp, Europe’s oil-trading hub, dropped to the lowest level in 11 weeks on exports, according to PJK International BV.

Gasoil inventories decreased for a third week, falling 5.2 percent to 1.84 million metric tons in the week to today, according to PJK, a researcher in the Netherlands. That’s the least since Oct. 27 as cargoes were sent to Germany and West Africa. Supplies of the fuel, which includes diesel and heating oil, arrived from Norway, Russia and the U.K., it said.

Gasoline (ARASGSLN) stockpiles rose 1.4 percent to 716,000 tons as shipments arrived from France, Russia, Sweden and the U.K., PJK said. That’s the highest level since mid-July. Cargoes were sent to China, Nigeria, the United Arab Emirates and the U.S.

Naphtha (ARASNPHT) inventories dropped by more than half to 47,000 tons even as supplies arrived from Russia, PJK said. That’s the lowest level since Oct. 27.

Fuel oil lost 2.3 percent to 560,000 tons as a very large vessel carried fuel to Singapore, it said. That’s the lowest since March 3. Cargoes arrived from France, Lithuania, Poland and Russia.

Jet fuel fell 11 percent to 490,000 tons even as supplies arrived from India and the U.A.E. That’s the least since Dec. 1.