Monday, August 10, 2009

European Gasoil Stockpiles Rise to Record

Aug. 7 (Bloomberg) -- Gasoil stockpiles in independent storage in Europe’s Amsterdam-Rotterdam-Antwerp area gained 4.5 percent to a record, according to PJK International BV.

Gasoil inventories rose to 2.84 million metric tons in the past week because of imports and weak demand, Oosterhout, Netherlands-based PJK said today. Cargoes of the heating fuel arrived from Norway, Russia, South Korea, and the U.S., it said.

Demand is still weak in Germany, France and Switzerland, Pieter Kulsen, founder of PJK, said by phone. Domestic tanks in Germany were 64 percent full at the end of June, above the 53 percent average for the same point between 2000 and 2007, according to investment bank Calyon.

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