Europe's distillate markets are still reeling from last months's stock-release bombshell by the International Energy Agency (IEA) and the revelation that nearly all of Europe's emergency release will be products, of which more than half will be diesel. The consumer group said last Monday that more than 15 million barrels of Europe's 19 million bbl so-called Strategic Petroleum Reserve (SPR) release will be products including 7.657 million bbl of diesel, most of it coming from inventories held in France and Spain. The release also includes 3.398 million bbl of gasoline, mainly from Germany and Italy; 1.181 million bbl of fuel oil, mostly from Italy; and 422,000 bbl of jet fuel, mainly from France. A breakdown of which products could come from where was revealed by the IEA late last Monday after submissions over the weekend from member countries about what they could contribute. Belgium, France, Germany, Italy, the Netherlands, Poland, Spain, Turkey and the UK are all contributing emergency stocks in Europe, along with the US, Japan and South Korea (JFI Jun.27'11). Not all countries gave a full breakdown, with hefty releases from the UK and the Netherlands in particular not broken down by product. Both could provide jet fuel.
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