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Stock Movements

OPEC Monthly Oil Market Report – September 2017

85

Shuttering refinery units resulted in a drop of 3.2 mb and 1.4 mb w-o-w in

gasoline and distillates

inventories.

At 226.7 mb, gasoline inventories stood at 3.2 mb or 1.4% below a year ago at the same time,

while they remained 11 mb, or 5.1%, above the seasonal norm. During the week ending 1 September 2017,

gasoline production decline by 1.1 mb/d, with the total of the decline located in PADD 3 as refiners near the

GoM shut operations. Gasoline demand also fell by about 680,000 b/d to average 9.2 mb/d, reflecting slow

economic activity.

Distillate stocks

stood at 147.8 mb at the end of August, indicating a deficit of 11.8 mb, or 7.4%, over the

same period a year ago, and 8.4 mb, or 6.0%, above the latest five-year average. During the week ending

1 September 2017, distillate production fell by 560,000 b/d leading to the drop in distillate stocks w-o-w.

Residual fuel

rose by 0.9 mb m-o-m to end August at 34.6 mb, while

jet fuel stocks

fell by 1.2 mb ending

August at 39.1 mb. Both products stocks stood below last year at the same time and less than the five-year

average.

The overall impact of Hurricane Harvey on the US market will be very difficult to assess and it will take weeks

to analyse the full effects on crude oil production as well on crude and products net imports. One option

could be postponing refinery maintenance, which will potentially boost crude runs in the upcoming months

and would compensate for the loss.

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

Japan

In Japan,

total commercial oil stocks

rose by 8.2 mb in July, reversing the stock-draw of the last two

months. At 148.3 mb, they were 7.4 mb, or 4.8%, less than the same time a year ago and 17.6 mb, or

10.6%, below the five-year average. Within the components, crude and products stocks rose by 5.5 mb and

2.8 mb, m-o-m, respectively.

Graph 9 - 5: Japan’s commercial oil stocks

Change

Jun 17

Jul 17

Aug 17

Aug 17/Jul 17

Aug 16

Crude oil

502.9

481.9

462.4

-19.5

483.6

Gasoline

237.3

227.7

226.7

-0.9

229.9

Distillate fuel

150.4

149.4

147.8

-1.6

159.5

Residual fuel oil

36.7

33.7

34.6

0.9

39.6

Jet fuel

41.0

40.4

39.1

-1.2

42.7

Total

1,338.8

1,316.4

1,310.4

-6.0

1,367.7

SPR

682.0

678.9

678.6

-0.3

695.1

Sources: US Energy Information Administration and OPEC Secretariat.

120

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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

Average 2012-2016

Historical range

2012-2016

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