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Stock Movements
OPEC Monthly Oil Market Report – June 2016
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Table 9.3: US onland commercial petroleum stocks, mb
Japan
In Japan, total
commercial oil stocks
rose by 1.9 mb in April, reversing the sixth
consecutive month of draws. At 145.5 mb, Japanese commercial oil inventories stood
at 1.5 mb, or 1.1%, above a year ago at the same time, and were 18.1 mb or 11.1%
below the five-year average. Within the components, crude stocks went down by
0.8 mb, while products experienced a stock build of 2.7 mb.
Graph 9.5: Japan’s commercial oil stocks
In April, Japanese commercial
crude oil stocks
fell, ending the month at 87.7 mb,
which is 3.0 mb or 3.6 mb above a year ago at the same time, but 9.0 mb or 9.3%
below the seasonal norm. The fall in crude stocks came on the back of lower crude oil
imports, which declined by 3.0% to stand at 3.5 mb/d.
In contrast, Japan’s
total product inventories
rose by 2.7 mb in April, ending the
month at 57.8 mb. At this level, product stocks stood 1.5 mb, or 2.5%, below the same
time a year ago, and showed a deficit of 9.1 mb, or 13.6%, with the five-year average.
Within products, the picture was mixed; gasoline, distillates and residual fuel stocks
experienced builds, while naphtha oil inventories witnessed a drop.
Distillate stocks
rose by 0.5 mb in April to stand at 24.0 mb. At this level, they were
0.5 mb, or 1.9%, below the same period a year ago and 3.0 mb, or 10.9%, less than
the seasonal average. Within distillate components, jet fuel, kerosene and gasoil
inventories rose by 14.0%, 16.6% and 20%, respectively. The build in distillate stocks
was driven by lower domestic sales.
140
150
160
170
180
190
140
150
160
170
180
190
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: Ministry of Economic, Trade and Industry of Japan.
Change
Mar 16
Apr 16
May 16 May 16/Apr 16
May 15
Crude oil
532.5
543.4
535.7
-7.7
479.3
Gasoline
243.3
241.8
238.6
-3.2
222.5
Distillate fuel
160.6
157.0
149.6
-7.4
134.0
Residual fuel oil
44.5
42.4
41.0
-1.4
41.0
Jet fuel
43.8
42.2
42.3
0.2
42.5
Total
1,357.4
1,370.8
1,365.1
-5.7
1,265.6
SPR
695.1
695.1
695.1
0.0
692.3
Source: US Energy Information Administration.