European Snapshot: Lower Tank Levels Heading Into Summer

摘要

European jet fuel stocks dipped to 7.4 million tons at end-May amid lower tank levels in smaller countries of OECD Europe. That pushed total inventories down 2.7% below yearearlier rates. Strong margins for middle distillates encouraged refiners across Europe to increase jet fuel output in May to nearly 3.3 million tons. Imports also stayed at high levels of 2.2 million tons as cargoes flowed in from the Middle East and India and helped compensate for lower Libyan supplies. Qatar snatched the top spot on Europe's import roster in the first five months after supplies from the new 146,000 b/d Ras Laffan refinery were certified as Jet A-1 late last year.