December 7, 2015 [OPIS] - Oil product inventories in the Antwerp-Rotterdam-Antwerp trading hub rose to near record highs in the week to Dec. 3, as a sharp rise in gasoline stocks combined with the offloading of jet cargoes.
Total ARA product stocks rose over the week to 49.34 million bbl, according to data provided to BNP Paribas by PJK International. Excellent refining margins, very high import levels and a contango for products have resulted in overall inventories standing 40.6% higher than a year ago.
Jet and kerosene stocks rose by 670,000 bbl, or 11.2%, to 6.67 million bbl, as vessels chartered from South Korea offloaded jet cargoes. Stocks of the product are 77.7% higher than a year ago — the highest percentage rise over the year for any of the products stored in the ARA area.
Distillate stocks rose by 2.5% over the week, with inventories rising by 660,000 bbl to 27.39 million bbl. Distillate stocks are 42.4% higher than a year ago.
Gasoline stocks rose by 1.15 million bbl, representing a 21.3% gain over the week to 6.55 million bbl. The build was the result of a drop-off in exports to the US, west Africa and Latin America and a rise in imports from the UK and Russia. Gasoline stocks are 30.9% higher than in the same week of 2014.
Only fuel oil stocks registered an 8.5% fall in the week to Dec. 3. Stocks fell by 660,000 million bbl to 7.06 million bbl due to the loading in Rotterdam of two Singapore-bound VLCCs. ARA fuel oil inventories are up 49.6% on the year.
