January 16, 2017 [OPIS] - Higher imports from the U.S. resulted in combined diesel and gasoil stocks in the Amsterdam-Rotterdam-Antwerp area increasing in the week to Jan. 12.
Diesel and gasoil stocks rose by 1.79 million bbl, or 8.9%, to 21.94 million bbl over the week, according to French bank BNP Paribas, while all other products held in storage in the ARA saw drawdowns.
“The widening contango structure stimulated stock building,” said a spokesman for PJK International, which compiled the figures for the bank. “High stocks in the U.S. pushed product into Europe, while the current lower water levels [on the Rhine] held product in the ARA as barges are not able to load properly.”
Stocks of diesel and gasoil are currently 17.8% higher than the five-year average.
Aviation fuel inventories held in independent storage in the ARA were lower by 10.2% over the week, falling by 520,000 bbl to 4.59 million barrels.
PJK said that it did not see any vessels laden with jet discharge in ARA ports, with a lack of ullage cited as one factor. Vessels carrying jet from the East have also been undertaking longer journeys around the Cape of Good Hope.
Earlier in the week, Shell was seen diverting an 80,000-ton jet-laden cargo aboard the Sea Jewel that was previously bound for Rotterdam. The vessel ended up in Shellhaven.
Jet stocks are 610,000 bbl, or 15.2%, higher than the five-year average.
Naptha stocks were 520,000 bbl, or 25.8%, lower than at the end of the previous week, while gasoline stocks were down on the week by 1%, or 100,000 bbl, at 9.45 million bbl.
Gasoline stocks are 36%, or 2.5 million barrels, higher than the five-year ARA average. That is the highest percentage differential to the five-year average out of all the products held in storage in the ARA.
