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Stock Movements

78

OPEC Monthly Oil Market Report – November 2017

Japan

Japan’s total commercial oil stocks

fell by 2.4 mb in September, for the second month in a row to stand at

144.8 mb. At this level, they stood 12.4 mb, or 7.9%, below the same time a year ago and 24.4 mb, or

14.4%, below the five-year average. Within the components, crude and product stocks declined by 0.5 mb

and 1.9 mb, respectively.

Japan’s commercial

crude oil stocks

decreased in

September to stand at 81 mb, which was 7.8 mb, or

8.8%, below the same period a year ago, and

15.1 mb, or 14.4%, below the seasonal norm. The

drop was driven by lower crude imports which fell

by 34,000 b/d, or 1.0%, to average 3.1 mb/d.

However, lower crude throughput, which declined

by more than 180 tb/d, or 5.4%, to average

3.2 mb/d limited the drop in crude oil stocks.

Japan’s

total product inventories

also fell by

1.9 mb in September to stand at 63.7 mb, which

was 4.6 mb or 6.7% lower than the same month in

the previous year, and 9.4 mb, or 12.8 %, lower

than the seasonal norm. With exception of middle

distillates, all product stocks witnessed a stock-

draw.

Graph 9 - 5: Japan’s commercial oil stocks

Distillate stocks

rose by 0.9 mb in September to stand at 31.0 mb, which was 3.2 mb, or 9.2%, below one

year ago at the same time, and 4.1 mb, or 11.6 %, below the seasonal average. Within the distillate

components, jet fuel and kerosene stocks rose by 6.2% and 11% respectively, while gas oil fell by around

12.2 % m-o-m. The increase in jet fuel and kerosene was driven mainly by higher output. In contrast, higher

gasoil domestic sales have led to the drop in gasoil inventories.

Gasoline stocks

fell in September by 0.2 mb to stand at 10.3 mb, which was 0.1 mb, or 1.4%, higher than

the same time a year ago, but 1.1 mb, or 9.4%, below the latest five-year average. The fall was driven by

lower output, which fell by almost 10% from the previous month. Lower domestic sales limited the drop in

gasoline inventories.

Total residual fuel oil stocks

fell by 1.1 mb in September to stand at 13.0 mb, to stand 0.5 mb, or 3.9%

lower than the same period a year ago, and 2.8 mb, or 17.9%, below the latest five-year average. Within the

fuel oil components, fuel oil A rose by 1.5% on the back of higher imports, while fuel B.C fell by 6.5% mainly

due to higher domestic sales.

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

120

130

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

Historical range

2012-16

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

Avg. 2012-16

Change

Jul 17

Aug 17

Sep 17

Sep 17/Aug 17

Sep 16

Crude oil

86.5

81.5

81.0

-0.5

88.8

Gasoline

10.4

10.6

10.3

-0.2

10.2

Naphtha

10.3

10.9

9.4

-1.4

10.5

Middle distillates

27.2

30.1

31.0

0.9

34.1

Residual fuel oil

13.9

14.1

13.0

-1.1

13.5

Total products

61.8

65.6

63.7

-1.9

68.3

Total**

148.3

147.1

144.8

-2.4

157.1

Note: * At the end of the month.

** Includes crude oil and main products only.

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