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Stock Movements

OPEC Monthly Oil Market Report – September 2017

81

Stock Movements

OECD commercial oil stocks fell by 18.7 mb in July to stand at 3,002 mb, which is around 195 mb above the

latest five-year average. Crude and products indicated surpluses of 123 mb and 72 mb above the seasonal

norm, respectively. In terms of days of forward cover, OECD commercial stocks stood at 62.9 days in July,

which is 2.7 days higher than the latest five-year average. Preliminary data for August shows that US total

commercial oil stocks fell by 6 mb to stand at 1,310.4 mb, indicating a surplus of 127 mb above the latest

five-year average. Within the components, crude fell by 19.5 mb, while products rose by 13.6 mb. The latest

information for China showed that total commercial oil inventories decreased by 5.7 mb in July to stand at

380.6 mb. Within the components, crude stocks rose by 2.1 mb, while product stocks were 7.8 mb lower

m-o-m.

OECD

Preliminary data for July shows that total

OECD commercial oil stocks

fell by 18.7 mb m-o-m to stand at

3,002 mb, which is a reduction for the third consecutive month and is around 103 mb lower than the same

time one year ago, but 195 mb above the latest five-year average. Within the components, crude and

products fell by 15.3 mb and 3.4 mb, m-o-m, respectively. OECD America witnessed stockdraws, while

OECD Europe and OECD Asia Pacific saw builds.

Graph 9 - 1: OECD’s commercial oil stocks

OECD commercial crude stocks

fell by 15.3 mb m-o-m in July for the fourth consecutive month to stand at

1,494 mb, which is 36 mb below the same time a year ago and around 123 mb higher than the latest five-

year average. While OECD Americas stocks witnessed a draw, OECD Europe and OECD Asia Pacific

experienced stock builds in commercial crude.

OECD product inventories

also fell by 3.4 mb m-o-m in July to stand at 1,508 mb, which is 67 mb below

the same time a year ago, but 72 mb above the seasonal norm. OECD Americas witnessed stock draws,

while OECD Europe and OECD Asia Pacific saw stock builds.

In terms of

days of forward cover

, OECD commercial stocks fell by 0.4 days in July to stand at 62.9 days,

which is 2.4 days less than the same period in 2016, but 2.7 days higher than the latest five-year average.

Within the regions, OECD Americas had 3.5 more days of forward cover than the historical average to stand

at 62.1 days in July. OECD Europe stood 2.9 days higher than the seasonal average to finish the month at

69.0 days, while OECD Asia Pacific indicated a deficit of 0.3 days lower than the seasonal norm, averaging

54.0 days in July.

2,500

2,600

2,700

2,800

2,900

3,000

3,100

3,200

2,500

2,600

2,700

2,800

2,900

3,000

3,100

3,200

Jan Feb Mar

Apr

May Jun Jul

Aug Sep Oct

Nov Dec

mb

mb

2015

2016

2017

Average 2012-2016

Historical range

2012-2016

Sources: Argus Media, Euroilstock, IEA, METI, OPEC Secretariat and US Energy Information Administration.