Table of Contents Table of Contents
Previous Page  91 / 110 Next Page
Information
Show Menu
Previous Page 91 / 110 Next Page
Page Background

Stock Movements

OPEC Monthly Oil Market Report – September 2017

83

EU plus Norway

Preliminary data for July shows that

total European stocks

rose by 5.3 mb, following a drop of 13.6 mb in

June. At 1,146 mb, European stocks are 21.7 mb, or 1.9%, lower than the same time a year ago but

50.6 mb, or 4.6%, higher than the latest five-year average. Within the components, crude and product stocks

went up by 3.0 mb and 2.4 mb, m-o-m, respectively.

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

European

crude inventories

rose in July to stand at 490.1 mb, which is 1.9 mb, or 0.4%, lower than the

same period a year ago. Compared to the seasonal average, they were 13.6 mb, or 2.9%, higher. The build

in crude oil stocks came despite higher refinery throughput as European refiners were running at around

10.6 mb/d in July, which is about 200 tb/d higher than during June.

European

product stocks

also rose by 2.4 mb m-o-m, ending July at 655.7 mb, which was 19.8 mb, or

2.9%, lower than the same time a year ago and 37.0 mb, or 6.0%, above the seasonal norm. Within

products, distillate and naphtha stocks saw builds, while residual fuel oil and gasoline inventories witnessed

draws.

Distillate stocks

rose also by 3.1 mb in July to end the month at 445.1 mb, indicating a decline of 10.8 mb,

or 2.4%, from the same time a year ago, but 39.9 mb, or 9.8%, above the latest five-year average. The

surplus was the narrowest since January. However, middle distillate inventories may fall in the coming month

because of a shutdown at Shell’s 420,000 b/d Pernis refinery, the major regional supplier of middle

distillates.

In contrast,

gasoline stocks

fell by 1.5 mb in July, ending the month at 114.4 mb, which was 4.5 mb, or

3.8%, lower than the same time one year ago, and 5.6 mb, or 5.2%, higher than the seasonal norm. Higher

demand combined with lower output was behind the drop in gasoline stocks.

Residual fuel oil stocks

also fell slightly by 0.1 mb in July to stand at 69.0 mb, which was 8.1 mb, or 10.5%,

less than the same month a year ago, and 10.4 mb, or 13.1%, lower than the latest five-year average.

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

Average 2012-2016

Historical range

2012-2016

Source: Euroilstock.