Fuel Oil Stockpiles Rise to 12-Week High in Europe’s Hub

Fuel oil stockpiles in independent storage in Amsterdam-Rotterdam-Antwerp, Europe’s oil-trading hub, increased to a 12-week high after a supertanker leaving for Singapore was delayed, according to PJK International BV.

Fuel oil inventories climbed 43 percent to 1.011 million metric tons in the week to today, according to data by PJK, a researcher in the Netherlands. That’s the most since March 15. Two very large crude carriers will depart on June 8 and June 13 for Singapore, PJK said. Supplies arrived from France, Russia and the U.S.

The delayed departure of one of the tankers led to the higher stockpiles, Pieter Kulsen, founder of PJK, said by phone today from Breda where the company is based. The level should drop next week, he said.

Gasoil inventories increased 2 percent to 2.33 million tons, the highest since May 10, on supplies from Norway, Russia and the U.S., PJK data shows. Some cargoes of the fuel, which includes heating oil and diesel, left for Argentina, it shows.

Gasoline stockpiles rose 5.4 percent to 724,000 tons on cargoes from Finland, France, Russia and the U.K.

Naphtha inventories gained 6.9 percent to 140,000 tons on supplies from Russia and Spain, PJK data shows. That’s the highest since Dec. 31, 2008.

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                          724       37
Naphtha                           140        9
Gasoil                          2,328       45
Fuel Oil                        1,011      304
Jet                               311       11

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