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Stock Movements

OPEC Monthly Oil Market Report – October 2017

79

EU plus Norway

Preliminary data for August shows that

total European stocks

rose by 4.0 mb, following a build of 4.8 mb in

July. At 1,149 mb, European stocks were 16.3 mb, or 1.4%, lower than the same time a year ago, but

48.1 mb, or 4.4%, higher than the latest five-year average. Within the components, crude stocks fell by

2.2 mb, while product inventories rose by 6.2 mb, m-o-m.

European

crude inventories

fell in August to stand

at 496 mb, which is 5.3 mb, or 1.1%, higher than

the same period a year ago. Compared to the

seasonal average, they were 19.5 mb, or 4.1%,

higher. The drop came on the back of higher

refinery throughput, which increased to around

10.6 mb/d in August compared to July’s level.

European

product stocks

rose by 6.2 mb, ending

August at 653 mb, which is 21.6 mb, or 3.2%, lower

than the same time a year ago, but 28.6 mb, or

4.6%, above the seasonal norm. Within products,

gasoline and distillate stocks saw builds, while

residual fuel oil and naphtha inventories witnessed

draws.

Gasoline stocks

rose by 2.9 mb in August, ending

the month at 114.2 mb, which is 0.5 mb, or 0.4%,

lower than the same time one year ago, and

5.8 mb, or 5.4%, higher than the seasonal norm.

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

Distillate stocks

rose by 4.8 mb in August to end the month at 445.7 mb, indicating a draw of 13.7 mb, or

3.0%, compared to the same time a year ago, but they were 30.8 mb, or 7.4%, higher than the latest five-

year average. Higher output, combined with lower domestic consumption, was behind the gain in both

products.

In contrast,

residual fuel oil stocks

fell slightly by 0.1 mb in August to stand at 69.0 mb, which is 7.8 mb, or

10.2%, less than the same month a year ago, but 10.3 mb, or 12.9%, lower than the latest five-year average.

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

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

Historical range

2012-2016

Source: Euroilstock.

Avg. 2012-16

Change

Jun 17

Jul 17

Aug 17

Aug 17/Jul 17

Aug 16

Crude oil

499.8

497.8

495.6

-2.2

490.3

Gasoline

114.1

111.3

114.2

2.9

114.6

Naphtha

23.8

25.5

24.2

-1.3

23.8

Middle distillates

434.0

440.9

445.7

4.8

459.4

Fuel oils

68.2

69.2

69.0

-0.1

76.9

Total products

640.1

646.9

653.1

6.2

674.7

Total

1,139.9

1,144.7

1,148.7

4.0

1,165.0

Sources: Argus and Euroilstock.