The levels of diesel, gasoline and heating oil in storage tanks in Europe this week are so high they are causing delivery backlogs and are casting doubt on whether demand for oil to be refined can be sustained. High levels of oil product stocks have plagued the market for months but the increase seen this week in Europe has come despite a series of factors that should be reducing gasoline and distillate inventories. French refineries have been hit by strikes over the past few weeks causing shutdowns, it has become unprofitable to ship diesel to Europe from the United States and demand typically climbs in the summer months as holidaymakers take to their cars. However, PJK International, a Dutch consultancy that tracks independent storage in Amsterdam-Rotterdam-Antwerp (ARA) hub, said gasoil stocks rose by more than 4 percent this week. Industry monitor Genscape also recorded a nearly 4 percent rise […]