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Stock Movements

OPEC Monthly Oil Market Report – November 2017

77

US

crude commercial stocks

fell in October to

end the month at 457 mb, standing 34 mb below

last year at the same time, but 57 mb above the

latest five-year average. The fall came on higher

refinery runs averaging 16.23 mb/d, which

corresponds to a utilization rate of 87.5%, 3.1 pp

higher than a month earlier. Higher crude imports

limited the draw in crude oil stocks. Crude

inventories in Cushing, Oklahoma rose by 2.1 mb to

end October at 64.6 mb.

Total

product stocks

also fell substantially by

29.6 mb in October, following a stock draw of

18.6 mb in the previous month, to stand at

799.9 mb. At this level, they were 67 mb, or 7.7%,

down from the level seen at the same time in 2016,

but 16 mb, or 2.1%, above the seasonal average.

All products experienced stock draws.

Graph 9 - 3: US weekly commercial crude oil

inventories

Gasoline stocks

fell by 9.4 mb in October to stand at 210 mb, they stood 16.1 mb, or 7.1 %, below a year

ago at the same time, but were 3.2 mb or 1.5% above the seasonal norm. Following two consecutive weeks

of build in the beginning of the month, gasoline stocks in the US reversed this trend to drop by nearly 13 mb

over the last three weeks, driven mainly by stronger demand, averaging 9.2 mb/d. Lower gasoline production

also contributed to the drop in gasoline stocks.

Distillate stocks

also fell by 9.9 mb in October for

the sixth consecutive month, to stand at 125.6 mb.

At this level, they indicated a deficit of 29 mb, or

19%, over the same period a year ago, and 5.5 mb,

or 4.2%, below the latest five-year average. The

drop in distillate stocks came on the back on higher

demand combined with lower output. This tightness

in the distillates market at the beginning of the

winter season could be seen as a factor supporting

the US oil market.

Residual fuel

and

jet fuel

fell

by 3.9 mb and

3.3 mb to end October at 32.7 mb and 40.1 mb,

respectively. Both product stocks stood below last

year at the same time and less than the five-year

average.

Graph 9 - 4: US weekly distillate inventories

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

300

350

400

450

500

550

300

350

400

450

500

550

1 5 9 13 17 21 25 29 33 37 41 45 49

mb

mb

2015

2016

2017

Average 2012-2016

Historical range

2012-16

Sources: US Energy Information Administration and

OPEC Secretariat.

Week

100

110

120

130

140

150

160

170

180

100

110

120

130

140

150

160

170

180

1 5 9 13 17 21 25 29 33 37 41 45 49

mb

mb

2015

2016

2017

Average 2012-2016

Historical range

2012-16

Sources: US Energy Information Administration and

OPEC Secretariat.

Week

Change

Aug 17

Sep 17

Oct 17

Oct 17/Sep 17

Oct 16

Crude oil

459.3

465.0

457.1

-7.8

491.2

Gasoline

226.2

218.9

209.5

-9.4

225.6

Distillate fuel

147.8

135.4

125.6

-9.9

154.7

Residual fuel oil

34.5

36.6

32.7

-3.9

39.3

Jet fuel

40.1

43.4

40.1

-3.3

44.9

Total products

848.0

829.5

799.9

-29.6

866.7

Total

1,307.4

1,294.4

1,257.0

-37.4

1,357.9

SPR

678.8

673.6

669.9

-3.7

695.1

Sources: US Energy Information Administration and OPEC Secretariat.