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Gasoil Stockpiles Rise in Europe’s Oil-Trading Hub, PJK Says

Gasoil stockpiles in independent storage in Europe’s oil-trading hub rose to a three-month high, boosted by imports, according to PJK International BV.

Gasoil inventories in Amsterdam-Rotterdam-Antwerp increased 10 percent to 2.9 million metric tons in the week to today, according to PJK, a Netherlands-based consultant. That’s the highest since Dec. 16. The fuel, including heating oil and diesel, arrived from Canada, India, Latvia and Russia. Cargoes were sent to the U.K.

“The bigger parcels that came over were of diesel-quality ahead of the driving season,” Pieter Kulsen, founder of PJK, said by phone from Oosterhout, where the company is based. Another reason for the rise in stockpiles is a lack of demand from the agricultural sector, he said.

Gasoline stockpiles gained 1.5 percent to 877,000 tons as the motor fuel arrived from Denmark, France, Latvia, Russia, Sweden and the U.K., according to PJK data. Cargoes were sent to Benin, Denmark, Ghana, Nigeria, South Africa and the U.S.

Naphtha stores dropped 30 percent to 56,000 tons even as cargoes arrived from the U.K., PJK data showed. Naphtha is used in gasoline and petrochemical production.

Jet fuel declined for a fourth week to the lowest level since Jan. 20. Inventories decreased 6.3 percent to 680,000 tons, according to PJK. Cargoes arrived from India and the United Arab Emirates.

Fuel oil inventories fell 15 percent to 767,000 tons on exports to Far East Asia, PJK data showed. That’s the lowest level since March 10. The product, used to power ships and generate electricity, arrived from Brazil, Lithuania, Poland, Russia, the U.K. and the U.S.

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.

                       Inventory Level   Change
Gasoline                          877       13
Naphtha                            56      -24
Gasoil                          2,904      270
Fuel Oil                          767     -140
Jet                               680      -46

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