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Stock Movements

78

OPEC Monthly Oil Market Report – August 2017

Table 9 - 2: EU-15 plus Norway’s total oil stocks, mb

US

Preliminary data for July shows that

US total commercial oil stocks

fell by 22.4 mb, for the second

consecutive months to stand at 1,316.4 mb. At this level, they are 51 mb, or 3.7%, lower than the same

period a year ago, but 137 mb, or 11.6%, higher than the latest five-year average. Within the components,

crude and products stocks fell by 21 mb and 1.4 mb, respectively.

Graph 9 - 3: US weekly commercial crude oil

inventories

Graph 9 - 4: US weekly distillates inventories

US

commercial crude stocks

fell in July for the fourth consecutive month, to stand at 481.9 mb, which is

8.1 mb, or 1.7%, below the same time one year ago, and 94 mb, or 24%, above the latest five-year average.

The drop in commercial crude stocks was driven by higher refinery runs, increasing by more than 150 tb/d in

July compare to June, reaching 17.3 mb/d. Refineries were running at 94.6%, one percentage point higher

than last month. Lower crude imports also contributed to the fall in crude oil stocks. In the week ending

4 August crude inventories fell further by 6.4 mb to 475.4 mb for six consecutive weeks. Crude inventories in

Cushing, Oklahoma declined by 3.7 mb in July m-o-m to stand at 55.8 mb.

Total product stocks

also fell by 1.4 mb in July to stand at 834.5 mb. At this level, they were 42.9 mb, or

4.9%, down from the level seen at the same time in 2016, but 43.3 mb, or 5.5%, above the seasonal

average. Within products, with the exception of propylene, all other products experienced stock draws.

Gasoline stocks

fell by 9.6 mb in July for the third consecutive month to stand at 227.7 mb, which is

12.6 mb, or 5.3%, lower than the same period a year ago, but 6.2 mb, or 2.8%, above the latest five-year

average. The drop came mainly from higher gasoline consumption averaging nearly 9.8 mb/d in July, more

than 220 tb/d above the previous month.

Change

Apr 17

May 17

Jun 17

Jun 17/May 17

Jun 16

Crude oil

489.3

490.3

491.4

1.2

489.8

Gasoline

122.2

117.9

117.0

-0.9

119.1

Naphtha

27.3

25.5

26.4

0.9

24.6

Middle distillates

452.7

452.0

447.2

-4.8

447.3

Fuel oils

69.6

68.3

69.1

0.8

78.0

Total products

671.7

663.7

659.7

-4.0

669.0

Total

1,161.0

1,154.0

1,151.1

-2.8

1,158.8

Sources: Argus and Euroilstock.

300

350

400

450

500

550

300

350

400

450

500

550

1 5 9 13 17 21 25 29 33 37 41 45 49

mb

mb

2015

2016

2017

Average 2012-2016

Historical range

2012-2016

Sources: US Energy Information Administration and

OPEC Secretariat.

Week

100

110

120

130

140

150

160

170

180

100

110

120

130

140

150

160

170

180

1 5 9 13 17 21 25 29 33 37 41 45 49

mb

mb

2015

2016

2017

Average 2012-2016

Historical range

2012-2016

Sources: US Energy Information Administration and

OPEC Secretariat.

Week