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Stock Movements

OPEC Monthly Oil Market Report – August 2017

79

Distillate stocks

also fell by 1.0 mb in July to stand at 149.4 mb, indicating a deficit of 6.6 mb, or 4.2%, over

the same period a year ago, and 14.2 mb, or 10.5%, above the latest five-year average. The fall in middle

distillate stocks mainly came as a result of higher consumption, which increased by about 50 tb/d to stand at

4.2 mb/d.

Residual fuel and jet fuel stocks

also fell by 3.0 mb and 0.6 mb, ending July at 33.7 mb and 40.4 mb,

respectively. Both products stocks stood below last year at the same time, while jet fuel stocks are 0.3 mb

above the five-year average. Residual fuel stocks remained 3.8 mb less than the historical average.

Table 9 - 3: US onland commercial petroleum stocks, mb

Japan

In Japan,

total commercial oil stocks

fell by 1.1 mb in June, following a stock-draw last month to stand at

140.1 mb. At this level, they were 15.3 mb, or 9.8%, less than the same time a year ago, and 24.1 mb, or

14.7%, below the five-year average. Within the components, crude and products stocks fell by 0.5 mb and

0.6 mb, m-o-m, respectively.

Graph 9 - 5: Japan’s commercial oil stocks

Japanese commercial

crude oil stocks

fell in June to stand at 81.1 mb, which is 15.3 mb, or 15.8%, below

the same period a year ago, and 19.9 mb, or 19.7%, below the seasonal norm. The drop was driven by lower

crude throughputs which declined by 142 tb/d, or 4.8%, to average 2.8 mb/d. Higher crude imports limited

further draw in crude oil stocks. Indeed, crude runs rose by around 30 tb/d, or 0.9%, to stand at 2.1 mb/d.

Japan’s

total product inventories

also rose by 0.6 mb in June to stand at 59.0 mb, which is in line with the

same month the previous year, but 4.2 mb, or 6.7 %, less than the seasonal norm. This stock build came on

the back of lower oil imports as oil product sales rose slightly. Within products, distillates stocks went up,

while others products witnessed a stock-draw.

Change

May 17

Jun 17

Jul 17

Jul 17/Jun 17

Jul 16

Crude oil

516.9

502.9

481.9

-21.0

490.0

Gasoline

242.1

237.3

227.7

-9.6

240.3

Distillate fuel

153.8

150.4

149.4

-1.0

156.0

Residual fuel oil

40.0

36.7

33.7

-3.0

38.3

Jet fuel

44.5

41.0

40.4

-0.6

41.9

Total

1,354.2

1,338.8

1,316.4

-22.4

1,367.4

SPR

684.5

682.0

678.9

-3.2

695.1

Sources: US Energy Information Administration and OPEC Secretariat.

120

130

140

150

160

170

180

190

120

130

140

150

160

170

180

190

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: Ministry of Economic, Trade and Industry of Japan.