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Stock Movements

OPEC Monthly Oil Market Report – October 2017

81

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

Japan

In Japan,

total commercial oil stocks

fell by 1.2 mb in August, reversing the stock build of last month to

stand at 147.1 mb, which is 6.4 mb, or 4.2%, less than the same time a year ago and 18.4 mb, or 11.1%,

below the five-year average. Within the components, crude stocks went down by 5.0 mb, while product

stocks rose by 3.8 mb, m-o-m.

Japanese commercial

crude oil stocks

fell in

August to stand at 81.5 mb, which is 4.5 mb, or

5.3%, below the same period a year ago, and

12.4 mb, or 13.2%, below the seasonal norm. The

drop was driven by lower crude imports, which

declined by 145 tb/d, or 4.3%, to average 3.2 mb/d.

Higher crude throughput also contributed to the

drop in crude oil stocks. Indeed, crude runs rose by

more than 206 tb/d, or 6.5%, to stand at 3.4 mb/d.

By contrast, Japan’s

total product inventories

rose by 3.8 mb in August to stand at 65.6 mb, which

is 1.9 mb, or 2.8%, lower than the same month the

previous year, and 6.0 mb, or 8.4%, lower than the

seasonal norm. All main product categories

witnessed stock builds.

Distillate stocks

rose by 2.9 mb in August to stand

at 30.1 mb, which is 3.0 mb, or 9.2%, below one

Graph 9 - 5: Japan’s commercial oil stocks

year ago at the same time, and 3.9 mb, or 11.5%, below the seasonal average. Within the distillate

components, gasoil and kerosene stocks rose by 5% and 27%, respectively, while jet fuel fell by around

10%, m-o-m. The build in gasoil and kerosene was driven mainly by the increase in output. In contrast, lower

jet fuel production led to the drop in jet fuel inventories.

Gasoline stocks

also rose by 0.2 mb in August to stand at 10.6 mb, which is 0.3 mb, or 3.4%, higher than

the same time a year ago, but 1.0 mb, or 8.4%, below the latest five-year average. The fall was driven by

higher domestic sales, which rose by 13.0% from the previous month. Higher imports combined with

an increase in production were behind the build in gasoline inventories.

Total residual fuel oil stocks

rose by 0.2 mb in August to stand at 14.1 mb, which is 0.4 mb, or 2.8%,

higher than the same period a year ago, but 1.6 mb, or 10.0%, below the latest five-year average. Within the

fuel oil components, fuel oil A fell by 0.7% on the back of higher exports combined with lower output, while

fuel B.C rose by 2.5 mb, mainly due to higher output as well as lower domestic sales.

Change

Jul 17

Aug 17

Sep 17

Sep 17/Aug 17

Sep 16

Crude oil

482.4

462.4

465.0

2.6

471.5

Gasoline

233.1

226.7

218.9

-7.8

227.7

Distillate fuel

151.1

147.8

135.4

-12.3

161.1

Residual fuel oil

33.6

34.6

36.6

2.0

38.9

Jet fuel

41.0

39.1

43.4

4.3

44.9

Total

1,319.0

1,310.4

1,294.4

-16.0

1,356.1

SPR

678.9

678.6

673.6

-5.0

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

Historical range

2012-2016

Source: Ministry of Economic, Trade and Industry of Japan.

Avg. 2012-16