LONDON: Stocks of refined oil products held independently in the Amsterdam-Rotterdam-Antwerp oil hub fell to a near two-year low in the week to Thursday, Dutch consultancy PJK International said.
Maintenance at Dutch refineries Pernis and Zeeland has accounted for some of the drop while the recent shift in the oil futures market structure to backwardation has reduced incentive to store.
Overall stocks were at 4.994 million tonnes, the lowest level since Dec. 24, 2014, when stocks were at 4.933 million tonnes.
Gasoil stocks have remained more stable owing to low inland European demand as very low Rhine River water levels have driven up shipping costs.
Gasoline rebounded slightly while fuel oil stocks plunged by 38 percent after two Very Large Crude Carriers were loaded for Singapore.
Naphtha inventories fell by 23 percent on reduced imports and petrochemical demand.
Comments
Comments are closed for this article.