Product stocks held at sea globally — comprising mainly distillates — fell to 85.6mn bl at the end of January, from 95.5mn bl at the end of December and 97.7mn bl in November, according to shipbroker Gibson.
Offshore product stocks fell mainly in northwest Europe and the Mediterranean, while floating volumes were largely unchanged in Asia-Pacific, according to Gibson.
Unseasonably cold weather in parts of Europe has also dented gasoil inventories in the Rotterdam area, although stocks remain above last year’s level. Inventories, comprising diesel and heating oil, fell to 2.67mn t in the week ended 27 January, from 2.87mn t a week earlier. This is still up from 2.55mn t a year ago, according to Netherlands-based consultancy PJK.
Refinery maintenance and closures in Germany, France and the UK also drew some product out of storage by tightening northwest European supply.
Offshore crude stocks fell to 127.6mn bl at the end of January, compared with 146.5mn bl a month earlier, Gibson said. Further falls are expected over the next week.
A total of 119 crude and products tankers were engaged in floating storage, compared with 141 at the end of last year.