OPEC Monthly Oil Market Report – September 2017
EU plus Norway
Preliminary data for July shows that
total European stocks
rose by 5.3 mb, following a drop of 13.6 mb in
June. At 1,146 mb, European stocks are 21.7 mb, or 1.9%, lower than the same time a year ago but
50.6 mb, or 4.6%, higher than the latest five-year average. Within the components, crude and product stocks
went up by 3.0 mb and 2.4 mb, m-o-m, respectively.
Graph 9 - 2: EU-15 plus Norway’s total oil stocks
rose in July to stand at 490.1 mb, which is 1.9 mb, or 0.4%, lower than the
same period a year ago. Compared to the seasonal average, they were 13.6 mb, or 2.9%, higher. The build
in crude oil stocks came despite higher refinery throughput as European refiners were running at around
10.6 mb/d in July, which is about 200 tb/d higher than during June.
also rose by 2.4 mb m-o-m, ending July at 655.7 mb, which was 19.8 mb, or
2.9%, lower than the same time a year ago and 37.0 mb, or 6.0%, above the seasonal norm. Within
products, distillate and naphtha stocks saw builds, while residual fuel oil and gasoline inventories witnessed
rose also by 3.1 mb in July to end the month at 445.1 mb, indicating a decline of 10.8 mb,
or 2.4%, from the same time a year ago, but 39.9 mb, or 9.8%, above the latest five-year average. The
surplus was the narrowest since January. However, middle distillate inventories may fall in the coming month
because of a shutdown at Shell’s 420,000 b/d Pernis refinery, the major regional supplier of middle
fell by 1.5 mb in July, ending the month at 114.4 mb, which was 4.5 mb, or
3.8%, lower than the same time one year ago, and 5.6 mb, or 5.2%, higher than the seasonal norm. Higher
demand combined with lower output was behind the drop in gasoline stocks.
Residual fuel oil stocks
also fell slightly by 0.1 mb in July to stand at 69.0 mb, which was 8.1 mb, or 10.5%,
less than the same month a year ago, and 10.4 mb, or 13.1%, lower than the latest five-year average.
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