OPEC MOMR August 2017
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Stock Movements

80

OPEC Monthly Oil Market Report – August 2017

Distillate stocks

rose by 0.8 mb in June to stand at 25.6 mb, which is 0.6 mb, or 2.4%, below one year ago

at the same time, and 1.2 mb, or 4.5%, below the seasonal average. Within the distillate components, jet fuel

and kerosene stocks rose by 1.9% and 13.1%, while gasoil fell by 5.2%, m-o-m.

In contrast,

gasoline stocks

fell in June by 0.6 mb to stand at 11.3 mb, which is 0.5 mb, or 4.5%, higher

than the same time a year ago, but 0.6 mb, or 5.0%, below the latest five-year average. The draw was driven

by lower domestic sales, which declined by 4.0% from the previous month.

Total residual fuel oil stocks

also fell by 0.5 mb in June to stand at 13.5 mb, which is 0.1 mb, or 0.4%

higher than the same period a year ago, but 0.7 mb, or 5.3%, below the latest five-year average. Within the

fuel oil components, fuel oil A and fuel B.C fell by 0.9% and 5.2%, respectively. The fall in both products was

driven by lower output combined with higher domestic sales.

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

China

The latest information for China showed that

total commercial oil inventories

rose by 9.7 mb in June

reversing the fall of last three consecutive months to settle at 386.3 mb, which is 7.3 mb lower than the

previous year. Within the components, crude and products stocks rose by 9.4 mb and 0.3 mb, respectively.

In June,

commercial crude stocks

rose by 9.4 mb, for the third consecutive month to stand at 231.7 mb,

which is 0.7 mb below last year at the same time. This build was driven mainly by higher crude imports

combined with lower crude runs, however lower domestic crude production limited further builds in crude oil

stocks.

Total product stocks

in China also rose by 0.3 mb in June to stand at 154.6 mb, which is 6.6 mb below the

same time a year ago. Within products, kerosene and gasoline inventories saw declines, while diesel stocks

witnessed builds.

Gasoline stocks

fell by 1.7 mb in June to stand at 69.7 mb, which is 0.5 mb lower than the same period a

year ago. The drop was driven by lower gasoline output due to the decline in crude oil throughput. Higher

gasoline demand also contributed to the fall in gasoline stocks.

Kerosene stocks

also fell in June by 0.2 mb to stand at 18.6 mb, which is 1.4 mb lower than the same time

last year.

In contrast,

diesel inventories

rose by 2.2 mb in June reversing the fall of last three months. At 66.4 mb,

diesel stocks are 4.7 mb below a year ago at the same time. The build was mainly driven by weak demand

as high temperature and heavy runs impacted outdoor activities and projects.

Change

Apr 17

May 17

Jun 17

Jun 17/May 17

Jun 16

Crude oil

87.4

81.6

81.1

-0.5

96.4

Gasoline

11.5

11.9

11.3

-0.6

10.8

Naphtha

9.4

9.0

8.7

-0.3

8.6

Middle distillates

23.6

24.8

25.6

0.8

26.2

Residual fuel oil

13.3

14.0

13.5

-0.5

13.4

Total products

57.8

59.6

59.0

-0.6

59.1

Total**

145.3

141.2

140.1

-1.1

155.4

Note: * At the end of the month.

** Includes crude oil and main products only.

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