Bloomberg News

European Gasoil Stockpiles Advance to 7-Month High, PJK Says

February 09, 2012

(Updates with comment in third paragraph. See PJKI<GO> for the full data series.)

Feb. 9 (Bloomberg) -- Gasoil stockpiles in independent storage rose to a seven-month high in Europe’s Amsterdam- Rotterdam-Antwerp oil-trading hub, according to PJK International BV.

Inventories of gasoil, which include heating oil and diesel, increased 9.1 percent to 2.78 million metric tons in the week to today as cargoes of diesel arrived from the U.S., according to PJK. That’s the most since June 30.

“Heating oil demand generally will continue to slow,” even after a cold snap in Europe increased consumption over the last two weeks, Pieter Kulsen, founder of PJK, said by phone from Breda in the Netherlands.

Gasoline stockpiles fell 3.1 percent to 796,000 tons as cargoes were shipped to West Africa and Mexico, the data showed. Shipments to the U.S., Europe’s main export market, will likely drop because of “slow” demand, Kulsen said.

Stockpiles of fuel oil increased 1.5 percent to 771,000 tons as cargoes arrived from France, Poland, Russia and the U.K. Freezing temperatures have boosted the use of fuel oil for power generation this week, Kulsen said.

Jet-fuel inventories dropped 6.3 percent to 591,000 tons from the week earlier. Naphtha supplies decreased 13 percent to 48,000 tons.

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: Rachel Graham, Rob Verdonck

To contact the reporter on this story: Lananh Nguyen in London at lnguyen35@bloomberg.net

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


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