ARA fuel oil stocks down on exports to Singapore

Fuel oil stocks held in independent storage tanks at the Amsterdam-Rotterdam-Antwerp storage and refining hub fell 14 percent in the week to Thursday due to exports to Singapore, according to data from Dutch consultancy PJK International.

Stocks stood at around 1.26 million tonnes, a one-month low, after a very large crude carrier departed with a cargo to Singapore, PJK’S Jacob van den Berge said.

Gasoline stocks were little changed at 804,000 tonnes as imports offset exports during the week, while naphtha stocks fell due to strong demand from European petrochemical buyers, he added.

Gasoil stocks eased slightly to 2.52 million tonnes, with a backwardated market structure discouraging traders from keeping the product in storage tanks.