Bloomberg News

Gasoil Stockpiles in Europe Fall to 3-Year Low, PJK Says

October 13, 2011

(Updates with gasoil low in first paragraph. See {PJKI <GO>} for the full data series.)

Oct. 13 (Bloomberg) -- Gasoil stockpiles in independent storage in Amsterdam-Rotterdam-Antwerp, Europe’s oil-trading hub, fell for a second week to the lowest level in almost three years, according to PJK International BV.

Gasoil inventories dropped 8.1 percent to 2.053 million metric tons in the week to today, according to PJK, a consultant in the Netherlands. That’s the least since December 2008. Supplies of the fuel, which includes heating oil and diesel, were sent to France and the U.K. while cargoes arrived from Russia and the U.S.

“Refiners have been running at low rates, supporting product out of storage into end-user systems,” Pieter Kulsen, founder of PJK, said by phone from Oosterhout.

Gasoline stockpiles rose 11 percent to 605,000 tons, the most since Aug. 4, according to PJK. Cargoes of the motor fuel arrived from France, Russia, Spain, Sweden and the U.K. while product was exported to Morocco, Mexico, Nigeria and Togo.

Naphtha stockpiles climbed 28 percent to 110,000 tons on imports from Russia, PJK data show. That’s the highest level since July 14.

Fuel oil inventories increased 15 percent to 882,000 tons on cargoes from France, Lithuania, Russia and the U.K., the data show. Jet fuel surged 21 percent to 486,000 tons as cargoes arrived from the United Arab Emirates.

The following table shows the weekly inventory changes in thousands of tons for gasoline, naphtha, fuel oil and jet fuel in independent storage in Amsterdam-Rotterdam-Antwerp.

--Editors: Raj Rajendran, Rob Verdonck.

To contact the reporter on this story: Nidaa Bakhsh in London at nbakhsh@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net


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