Bloomberg News

Gasoil Stockpiles Fall to Four-Month Low in Europe’s Oil Hub

May 03, 2012

Gasoil stockpiles in independent storage in Amsterdam-Rotterdam-Antwerp, Europe’s oil-trading hub, dropped to the lowest in almost four months, according to PJK International BV.

Gasoil inventories declined for a fourth week, falling 5.1 percent to 2.4 million metric tons in the week to today, according to PJK, a researcher in the Netherlands. That’s the lowest level since Jan. 19. Supplies of the fuel, which includes heating oil and diesel, were sent to the Mediterranean and West Africa while cargoes arrived from Germany and Russia, PJK said.

Gasoline stockpiles plunged 14 percent to 631,000 tons as cargoes were sent to Mexico, the U.S. and West Africa, according to PJK. That’s the lowest level since March 22. Supplies arrived from France, Russia, Turkey and the U.K.

Gasoline declined as it’s “the more wanted product because of the summer,” Pieter Kulsen, founder of PJK, said by phone. Gasoil fell because of the backwardation, where later-dated deliveries are cheaper than near-term supplies, “which doesn’t initiate replenishing of stocks,” he said.

Naphtha stocks gained 24 percent to 104,000 tons on imports from Russia, PJK data shows. That’s the most since March 29.

Fuel oil decreased 10 percent to 571,000 tons, the lowest level since Jan. 12, as a very large crude carrier is loading and scheduled to sail early next week, PJK said. Supplies arrived from Estonia, Finland, France, Lithuania, Russia and the U.K., it said.

Jet fuel increased 7.1 percent to 420,000 tons as cargoes arrived from India, Japan, South Korea, the United Arab Emirates and the U.S., PJK data showed.

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.

                           1,000 Tons   Change
Gasoline                          631     -104
Naphtha                           104       20
Gasoil                          2,401     -129
Fuel Oil                          571      -62
Jet                               420       28

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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