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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.