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Stock Movements

OPEC Monthly Oil Market Report – August 2017

77

EU plus Norway

Preliminary data for June shows that

total European stocks

fell by 2.8 mb, following a drop of 7.0 mb in

May. At 1,151 mb, European stocks are 7.7 mb, or 0.7%, lower than the same time a year ago, but 60.8 mb,

or 5.6%, higher than the latest five-year average. Within the components, crude stocks went up by 1.2 mb,

while product stocks fell by 4.0 mb, m-o-m.

Graph 9 - 2: EU-15 plus Norway’s total oil stocks

European

crude inventories

rose in June to stand at 491.4 mb, which is 1.6 mb, or 0.3%, higher than the

same period a year ago. Compared to the seasonal average, they were 14.6 mb, or 3.1%, higher. The build

in crude oil stocks came despite higher refinery throughput as European refiners were running at around

10.4 mb/d in June, which is about 190 tb/d lower than during May.

By contrast, European

total product stocks

fell by 4.0 mb, ending June at 659.7 mb, which is 9.3 mb, or

1.4%, lower than the same time a year ago, and 46.3 mb, or 7.5%, above the seasonal norm. Within

products, distillate and gasoline stocks witness draws, while residual fuel oil and naphtha inventories saw

builds.

Gasoline stocks

fell by 0.9 mb in June, ending the month at 117.0 mb, which is 2.2 mb, or 1.8%, lower than

the same time one year ago, and 7.8 mb, or 7.1%, higher than the seasonal norm. Higher demand combined

with lower output was behind the drop in gasoline stocks.

Distillate stocks

fell also by 4.8 mb in June to end the month at 447.2 mb, in line with the same time a year

ago, but 48.3 mb, or 12.1%, above the latest five-year average. This fall was driven mainly by higher end-

user consumption.

By contrast,

residual fuel oil stocks

rose by 0.8 mb in June to stand at 69.1 mb, which is 8.9 mb, or 11.5%,

less than the same month a year ago, and 10.0 mb, or 12.6%, lower than the latest five-year average.

Naphtha stocks

also rose by 0.9 mb in June to stand at 26.4 mb, which is 1.8 mb, or 7.4%, higher than the

same month a year ago, and 0.1 mb, or 0.4%, lower than the latest five-year average.

1,040

1,060

1,080

1,100

1,120

1,140

1,160

1,180

1,200

1,040

1,060

1,080

1,100

1,120

1,140

1,160

1,180

1,200

Jan Feb Mar

Apr

May Jun Jul

Aug Sep Oct

Nov Dec

mb

mb

2015

2016

2017

Average 2012-2016

Historical range

2012-2016

Source: Euroilstock.