ARA gasoil stocks still at high level despite drop

This week saw ARA gasoil stocks fall by 112,000 tons after they had risen a week earlier to their highest level since the data series began in early 2008. 

Stocks are still well above last year's level and 30% above the long-term average even after the decline, however. The plentiful supply is likely to block any widening of the gasoil crack spread, says Commerzbank.