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Stock Movements

76

OPEC Monthly Oil Market Report – November 2017

EU plus Norway

Preliminary data for September showed that

total European stocks

fell by 11.8 mb reversing the build of

last two months. At 1,133 mb, European stocks were 16.2 mb, or 1.4%, lower than the same time a year

ago, but 36 mb, or 3.3%, higher than the latest five-year average. Within the components, crude stocks fell

by 3.2 mb and product inventories dropped by 8.6 mb.

European

crude inventories

fell in September to

stand at 489 mb, which was 2.3 mb, or 0.5%,

higher than the same period a year ago. Compared

to the seasonal average, they were 18 mb, or 3.8%,

higher. The drop in crude oil stocks came on the

back of higher refinery throughput, which increased

by more than 20 tb/d to around 10.7 mb/d in

September, compared with the previous month.

European

product stocks

also dropped by 8.6 mb,

ending September at 643 mb, which was 18.5 mb,

or 2.8%, lower than the same time a year ago, but

18.8 mb, or 3.0%, above the seasonal norm. All

products witnessed stock draws.

Gasoline

stocks

fell by 2.0 mb in September,

ending the month at 115 mb, which was 2.4 mb, or

2.1%, higher than the same time one year ago, and

5.0 mb, or 4.5%, higher than the seasonal norm.

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

Distillate stocks

also fell by 4.0 mb in September to end the month at 440 mb, indicating a deficit of 11.6 mb

or 2.6% with the same time a year ago, but 27 mb, or 6.5%, above the latest five-year average. Higher

domestic consumption in the region was behind the drop in both products.

Residual fuel oil stocks

fell by 0.8 mb in September to stand at 67 mb, which was 7.7 mb, or 10.3%, less

than the same month a year ago, and 10.5 mb, or 13.6%, lower than the latest five-year average.

Table 9 - 2: EU-15 plus Norway’s total oil stocks, mb

US

Preliminary data for October showed that

US

total commercial oil stocks

fell massively by 37.4 mb, for the

fifth consecutive month to stand at 1,257.0 mb. At this level, they were 101 mb, or 7.4%, lower than the same

period a year ago, but 73 mb, or 6.2%, higher than the latest five-year average. Within the components,

crude and product stocks dropped by 7.8 mb and 29.6 mb, respectively.

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

Historical range

2012-16

Source: Euroilstock.

Avg. 2012-16

Change

Jul 17

Aug 17

Sep 17

Sep 17/Aug 17

Sep 16

Crude oil

500.6

492.5

489.3

-3.2

487.0

Gasoline

114.6

116.7

114.7

-2.0

112.3

Naphtha

23.8

24.2

22.4

-1.8

24.0

Middle distillates

434.9

443.5

439.5

-4.0

451.1

Fuel oils

68.2

67.5

66.6

-0.8

74.3

Total products

641.5

651.9

643.2

-8.6

661.7

Total

1,142.0

1,144.4

1,132.6

-11.8

1,148.7

Sources: Argus and Euroilstock.