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Stock Movements

86

OPEC Monthly Oil Market Report – September 2017

Japanese

commercial crude oil stocks

rose in July to stand at 86.5 mb, which was 6.9 mb, or 7.4%, below

the same period a year ago, and 12.9 mb, or 13.0%, below the seasonal norm. The build was driven by

higher crude imports, which rose by 540,000 b/d, or 19.3%, to average 3.3 mb/d. However, higher crude

throughput limited a further build in crude oil stocks. Crude runs rose by 340,000 b/d, or 12.1%, to stand at

3.2 mb/d.

Japan’s

total product inventories also

rose by 2.8 mb m-o-m to stand at 61.8 mb in July, which was

slightly less than the same month in the previous year, but 4.6 mb, or 7.0%, lower than the seasonal norm.

Within products, gasoline stocks went down, while others products witnessed a stock-build.

Distillate stocks

rose by 1.7 mb in July to stand at 27.2 mb, which was 2.3 mb, or 7.9%, below the same

time one year ago, and 2.2 mb, or 7.6%, below the seasonal average. Within the distillate components, jet

fuel and kerosene stocks rose by 1.4% and 16.7%, respectively, while gasoil fell by 1.1%, m-o-m.

Total residual fuel oil stocks

also rose by 0.4 mb in July to stand at 13.9 mb, which was 0.8 mb, or 6.1%

higher than the same period a year ago, but 1.1 mb, or 7.5%, below the latest five-year average. Within the

fuel oil components, fuel oil A and fuel B.C rose by 2.8% and 3.4%, respectively. The build in both products

was driven by higher output.

In contrast

, gasoline stocks

fell in July by 0.9 mb to stand at 10.4 mb, which was 0.1 mb, or 1.3%, higher

than the same time a year ago, but 1.2 mb, or 10.3%, below the latest five-year average. The fall was driven

by higher domestic sales, which rose by 13.0% from the previous month.

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

China

The latest information for China showed that

total commercial oil inventories

fell by 5.7 mb to settle at

380.6 mb, which is 0.5 mb lower than the previous year. Within the components, crude stocks rose by

2.1 mb, while product stocks were 7.8 mb lower m-o-m.

In July,

commercial crude stocks

rose by 2.1 mb, for the fourth consecutive month to stand at 233.8 mb,

which is 14.7 mb above last year at the same time. This build was driven mainly by lower crude throughput,

which declined by 1.3%; however, lower domestic crude imports limited further builds in crude oil stocks.

Total product stocks

in China also shrank in July to stand at 146.7 mb, which is 15.2 mb below the same

time a year ago. Within products, jet/kerosene witnessed builds, while gasoline and diesel inventories saw

declines.

Gasoline stocks

fell by 4.9 mb in July to stand at 64.8 mb, which is 3.8 mb lower than the same period a

year ago.

Diesel inventories

also fell by 3.9 mb in July to stand at 62.5 mb. At this level, diesel stocks are 11.1 mb

below a year ago at the same time. The drop in both products was driven by lower gasoline output due to the

decline in crude oil throughput.

Change

May 17

Jun 17

Jul 17

Jul 17/Jun 17

Jul 16

Crude oil

81.6

81.1

86.5

5.5

93.4

Gasoline

11.9

11.3

10.4

-0.9

10.6

Naphtha

9.0

8.7

10.3

1.6

9.1

Middle distillates

24.8

25.6

27.2

1.7

29.6

Residual fuel oil

14.0

13.5

13.9

0.4

13.1

Total products

59.6

59.0

61.8

2.8

62.3

Total**

141.2

140.1

148.3

8.2

155.8

Note: * At the end of the month.

** Includes crude oil and main products only.

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