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Stock Movements

OPEC Monthly Oil Market Report – August 2017

75

Stock Movements

OECD commercial oil stocks fell by 21.9 mb in June to stand at 3,033 mb, which is around 252 mb above

the latest five-year average. Crude and products indicated surpluses of 142 mb and 110 mb above the

seasonal norm, respectively. In terms of days of forward cover, OECD commercial stocks stood at

63.8 days in June, which is 4.1 days higher than the latest five-year average. Preliminary data for July

shows that US total commercial oil stocks fell by 22.4 mb to stand at 1,316 mb. At this level, they are

137 mb higher than the latest five-year average. Within the components, crude and products stocks fell by

21 mb and 1.4 mb, respectively. The latest information for China showed that total commercial oil

inventories rose by 9.7 mb in June to settle at 386.3 mb. Within the components, crude and products stocks

rose by 9.4 mb and 0.3 mb, respectively.

OECD

Preliminary data for June shows that

total OECD commercial oil stocks

fell by 21.9 mb to stand at

3,033 mb, which is around 21 mb lower than the same time one year ago, but 252 mb above the latest five-

year average. Within the components, crude and products fell by 13.0 mb and 8.9 mb, m-o-m, respectively.

All OECD regions witnessed stock draws.

Graph 9 - 1: OECD’s commercial oil stocks

OECD commercial crude stocks

fell by 13.0 mb m-o-m in June for the third consecutive month to stand at

1,519 mb, which is 3.6 mb below the same time a year ago and around 142 mb higher than the latest five-

year average. While OECD Europe stocks witnessed a build, OECD Americas and OECD Asia Pacific

experienced stock draws in commercial crude.

OECD product inventories

also fell by 8.9 mb m-o-m in June to stand at 1,514 mb, which is 17 mb below

the same time a year ago, but 110 mb above the seasonal norm. All OECD regions witnessed stock draws.

In terms of

days of forward cover

, OECD commercial stocks fell by 0.7 days in June to stand at 63.8 days,

which is 0.4 days less than the same period in 2016, but 4.1 days higher than the latest five-year average.

Within the regions, OECD Americas had 5.4 more days of forward cover than the historical average to stand

at 63.6 days in June. OECD Europe stood 3.7 days higher than the seasonal average to finish the month at

69.3 days, while OECD Asia Pacific indicated a surplus of 0.2 days above the seasonal norm, averaging

53.8 days in June.

2,500

2,600

2,700

2,800

2,900

3,000

3,100

3,200

2,500

2,600

2,700

2,800

2,900

3,000

3,100

3,200

Jan Feb Mar

Apr

May Jun Jul

Aug Sep Oct

Nov Dec

mb

mb

2015

2016

2017

Average 2012-2016

Historical range

2012-2016

Sources: Argus Media, Euroilstock, IEA, METI, OPEC Secretariat and US Energy Information Administration.