ARA crude stocks hit highest in a year on excess – Genscape

Jun 23, 2017

* Crude oil stocks in Europe’s Amsterdam-Rotterdam-Antwerp hub rose to 64.2 million barrels in the week to June 16, the highest in a year, according to data from industry monitor Genscape

* The level, up 3 percent on the week, is 24 percent higher than the 2017 low of 51.57 million barrels hit on Jan. 27, according to Genscape data. It is the highest level since June 17, 2016, when they stood at 65.6 million barrels

* The increase “is another sign that current OPEC cuts are not enough to draw down global inventories at the pace expected,” analysts at Dutch bank ING said in a note

* Brent crude oil was trading near 7-month lows on Thursday, and U.S. WTI near 10-month lows, on the back of an excess in physical oil despite OPEC’s extension last month of supply cuts with non-OPEC nations of 1.8 million barrels per day (bpd)

Source: Reuters