Stock Movements
80
OPEC Monthly Oil Market Report – June 2016
Table 9.1: OECD’s commercial stocks, mb
EU plus Norway
Preliminary data for April shows the total
European stock
draw at 8.0 mb, leaving
inventories to stand at 1,153 mb. At this level, they are 34.0 mb, or 3.0%, above the
same time a year ago and 67.2 mb, or 6.2%, higher than the latest five-year average.
Crude stocks rose by 1.0 mb, while products fell by 8.0 mb.
Graph 9.2: EU-15 plus Norway’s total oil stocks
European crude inventories
rose in April, reversing the stock draw of the previous
month to stand at 485.5 mb. This was 15.7 mb, or 3.1%, below the same period a year
ago, but 19.4 mb, or 4.1%, higher than the seasonal norm. The build in April’s crude oil
stocks came despite refinery crude runs increasing by 100 tb/d to average 10.1 mb/d.
However, throughput levels stood at about 90 tb/d below the previous year at the same
time.
In contrast,
European product stocks
fell by 9.0 mb to end April at 665.4 mb. At this
level, they were 49.7 mb, or 8.1%, above the same time a year ago, and 47.8 mb, or
7.7%, above the seasonal norm. Within products, all stocks experienced a draw, with
the exception of naphtha.
Gasoline
stocks
fell by 1.5 mb in April to stand at 121.1 mb. Despite this stock draw,
they were 3.1 mb, or 2.6%, above a year earlier, and 8.8 mb, or 7.8%, higher than the
seasonal norm. The fall in gasoline stocks could be driven by higher demand in the
region, along with higher exports to the US ahead of the driving season.
1,040
1,060
1,080
1,100
1,120
1,140
1,160
1,180
1,040
1,060
1,080
1,100
1,120
1,140
1,160
1,180
Jan Feb Mar
Apr
May Jun Jul
Aug Sep Oct
Nov Dec
mb
mb
2014
2015
2016
Average 2011-2015
Max/Min
2011-2015
Source: Euroilstock .
Change
Feb 16
Mar 16
Apr 16
Apr 16/Mar 16
Apr 15
Crude oil
1,525
1,530
1,541
11.1
1,460
Products
1,520
1,514
1,505
-9.8
1,382
Total
3,045
3,044
3,046
1.3
2,842
Days of forward cover
66.6
66.7
66.4
-0.3
62.1
Sources: Argus Media, Euroilstock, IEA, METI, OPEC Secretariat and US Energy Information
Administration.