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Stock Movements

82

OPEC Monthly Oil Market Report – October 2017

Table 9 - 4: Japan’s commercial oil stocks*, mb

China

The latest information for China showed that

total commercial oil inventories

fell by 9.3 mb in August for

the second consecutive month to settle at 371.2 mb, which is 4.7 mb lower than the previous year. Within the

components, crude and product stocks fell by 8.0 mb and 1.3 mb, m-o-m, respectively.

Table 9 - 5: China’s commercial oil stocks, mb

In August, commercial

crude stocks

fell by 8.0 mb, reversing the builds of the last four consecutive months.

At 225.8 mb, crude oil stocks were 3.1 mb below last year at the same time due to a combination of three

factors, namely higher crude throughput, which rose by 3.6%, lower crude imports, by nearly 2.4%, as well

as lower domestic crude production, which fell by 1.8%.

Total product stocks

in China also fell in August by 1.3 mb to end the month at 145.4 mb, which is 1.6 mb

below the same time a year ago. Within products, kerosene and diesel witnessed stock draws, while

gasoline remained unchanged from the previous month.

Diesel inventories

fell by 1.0 mb in August to stand at 61.4 mb, which is 0.2 mb above a year ago at the

same time.

Kerosene stocks

also fell in August, dropping by 0.3 mb to stand at 19.2 mb, which is 0.9 mb

higher than the same time last year. The drop in both products was driven by lower gasoline output due to

the decline in crude oil throughput combined with higher domestic demand from industrial, mining and

infrastructure in the case of diesel products.

Gasoline stocks

remained unchanged in August to stand at 64.7 mb, which is 2.8 mb lower than the same

period a year ago.

Change

Jun 17

Jul 17

Aug 17

Aug 17/Jul 17

Aug 16

Crude oil

81.1

86.5

81.5

-5.0

86.1

Gasoline

11.3

10.4

10.6

0.2

10.2

Naphtha

8.7

10.3

10.9

0.6

10.4

Middle distillates

25.6

27.2

30.1

2.9

33.1

Residual fuel oil

13.5

13.9

14.1

0.2

13.7

Total products

59.0

61.8

65.6

3.8

67.5

Total**

140.1

148.3

147.1

-1.2

153.6

Note: * At the end of the month.

** Includes crude oil and main products only.

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

Change

Jun 17

Jul 17

Aug 17

Aug 17/Jul 17

Aug 16

Crude oil

231.7

233.8

225.8

-8.0

228.9

Gasoline

69.7

64.8

64.7

0.0

67.5

Diesel

66.4

62.5

61.4

-1.0

61.2

Jet/Kerosene

18.6

19.5

19.2

-0.3

18.3

Total products

154.6

146.7

145.4

-1.3

147.0

Total

386.3

380.6

371.2

-9.3

375.9

Sources: China Oil and Gas Petrochemicals and OPEC Secretariat.