The 500,000-bbl build in gasoline stocks was equal to the losses in all the other three products.

Jet and kerosene stocks held in independent tanks saw the biggest fall, dropping 300,000 bbl, or 6.3%, to 5 million bbl over the week to Aug. 26.

This left them 16.7% below levels a year ago, but still 25% above the five-year average. 

Differentials for FOB jet barges have also risen sharply over the week, in the ports after buying by trading house Trafigura.

The differentials rose from $23/ton above September LS Gasoil futures on Monday to $29/ton on Thursday, according to OPIS data.

Diesel and gasoil stocks in ARA fell 200,000 bbl over the week to 23.6 million bbl, leaving them 6.4% lower than a year earlier but still 22.3% above the five-year average.

Differentials for diesel FOB barges have also been rising, with OPIS assessing levels at a discount of around $1/ton below September LS gasoil futures yesterday compared to a discount of $6.40/ton on Monday.

BP has been the biggest buyer of diesel in Europe this month, likely because of a partial shutdown of its 266,000 b/d Gelsenkirchen refinery started Aug.15. The maintenance will likely last until early October.

But diesel was also comparatively cheap compared with crude at the start of the month ahead of the general refinery maintenance season.

At the start of August, the crack value of the front-month Low Sulfur Gasoil future versus Brent futures was hovering around $6/bbl.

But the crack value of the distillate versus crude future has risen to around $9.40/bbl by the end of this week.     

Fuel oil stocks in ARA fell just 100,000 bbl over the week to 5.3 million bbl, which left them down 17.1% from levels a year ago and around the same as the five-year average.

But gasoline stocks in ARA built 500,000 bbl over the week to each 9.2 million bbl, a rise of 6.3%.

This left stocks 6% higher than levels a year ago and 42.8% above the five-year average.