Fuel Oil Stockpiles Fall to 3-Month Low in Europe’s Oil Hub

Fuel oil stockpiles in independent storage in Europe’s oil-trading hub of Amsterdam-Rotterdam-Antwerp fell to a three-month low this week as a cargo was shipped to Singapore, according to PJK International BV.

Fuel oil stocks dropped 24 percent to 598,000 metric tons in the week to today, according to PJK, a researcher in the Netherlands. That’s the lowest level since Jan. 12 even as supplies arrived from France, Poland and Russia. A very large crude carrier set sail for Singapore on April 14, PJK said.

Gasoil inventories declined 0.5 percent to 2.61 million tons, according to PJK data. That’s the lowest level since mid-March as cargoes were sent to France and West Africa. Supplies of the fuel, which includes diesel, arrived from Finland, Russia and the U.S.

Gasoline stockpiles fell 12 percent to 773,000 tons, the lowest this month, PJK data show. Cargoes were shipped to Togo, Nigeria and the U.S., according to PJK, while supplies arrived from Cuba, France, Russia, Sweden and the U.K.

Naphtha stockpiles rose 16 percent to 79,000 tons as cargoes arrived from the U.K., according to the data.

Jet fuel storage gained 12 percent to 462,000 tons, the most since March 22, on imports from Bahrain and the United Arab Emirates, the data show.

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.

                          Inventories   Change
Gasoline                          773     -108
Naphtha                            79       11
Gasoil                          2,610      -14
Fuel Oil                          598     -189
Jet                               462       51
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