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Stock Movements
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OPEC Monthly Oil Market Report – June 2016
Stock Movements
OECD commercial oil stocks rose slightly in April to stand at 3,046 mb. At this
level, they were around 338 mb above the latest five-year average. Crude and
product stocks showed a surplus of around 194 mb and 144 mb above the
seasonal norm, respectively. In terms of days of forward cover, OECD
commercial stocks stood at 66.4 days, 7.1 days higher than the latest five-year
average.
Preliminary data for May shows that total commercial oil stocks in the US fell by
5.7 mb to stand at 1,365 mb. At this level, they were around 100 mb above the
same period a year ago and 229 mb higher than the latest five-year average.
Within the components, crude stocks fell by 7.7 mb, while products rose by
2.0 mb.
The latest information for China shows a drop of 11.6 mb in total commercial oil
inventories for April to stand at 397.0 mb. Within the components, crude and
products fell by 8.8 mb and 2.9 mb, respectively.
OECD
Preliminary data for April shows that
total OECD commercial oil stocks
rose by
1.3 mb to stand at 3,046 mb. At this level, OECD commercial oil stocks were around
204 mb higher than the same time one year ago and 338 mb above the latest five-year
average. Within the components, crude rose by 11.1 mb, while products fell by 9.8 mb.
Weakening refinery runs have pushed OECD crude stocks higher, while heavy
maintenance in April contributed to a stock draw in products. Within OECD regions,
OECD America and OECD Asia Pacific experienced a build, while OECD Europe
witnessed a drop.
Graph 9.1: OECD’s commercial oil stocks
OECD commercial crude stocks
ended April at 1,541 mb, standing 81 mb above the
same time one year earlier and more than 194 mb higher than the latest five-year
average. OECD North America and OECD Europe stocks experienced a build, while
OECD Asia Pacific stocks saw a drop.
2,500
2,600
2,700
2,800
2,900
3,000
3,100
2,500
2,600
2,700
2,800
2,900
3,000
3,100
Jan Feb Mar
Apr
May Jun Jul
Aug Sep Oct
Nov Dec
mb
mb
2014
2015
2016
Average 2011-2015
Max/Min
2011-2015
Sources: Argus Media, Euroilstock, IEA, METI, OPEC Secretariat and US Energy Information Administration.