European Snapshot: Supply Gains Bolster Stock Cushion

摘要

A revival in downstream margins encouraged refiners to boost crude throughput and churn out record volumes of jet fuel. Combined with strong import flows, that lifted jet fuel inventories to more than 9 million tons at end-July -some 22% ahead of the year-ago mark. After filling up tanks on land, supplies were channeled into floating storage to contain the surplus. The UK and Spain showed the largest cushions versus tank levels one year earlier. Imports jumped to more than 3.35 million tons and complemented surging regional output, which reached 6.4 million tons in July.