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Stock Movements
OPEC Monthly Oil Market Report – June 2016
85
0.1 mb, ending April at 18.1 mb, which is 3.4 mb higher than the previous year at the
same time.
Table 9.5: China’s commercial oil stocks, mb
Singapore and Amsterdam-Rotterdam-Antwerp (ARA)
At the end of April,
product stocks in
Singapore
fell by 0.8 mb for the second
consecutive month. At 52.4 mb, they were 7.6 mb, or 17.0%, above the same period a
year ago. Within products, the picture was mixed; light distillates and fuel oil stocks saw
a build, while middle distillate inventories experienced drops.
Light distillate
stocks rose by 0.7 mb to end April at 15.5 mb which was 2.9 mb, or
23.3%, above the previous year at the same time.
Residual fuel oil stocks
also rose
by 2.5 mb, ending March at 27.9 mb, which was 6.4 mb, or 29%, higher than at the
same time a year ago. This build came on the back of lower demand in the region.
In contrast,
middle distillate
stocks fell by 4.0 mb, ending the month of April at 9.0 mb,
which was 1.7 mb, or 16%, below the same time a year ago. The decline in middle
distillate stocks was mainly driven by higher demand in the region. Higher exports also
contributed to this stock draw.
Product stocks in Amsterdam-Rotterdam-Antwerp
(ARA) fell by 2.9 mb in April to
end the month at 47.11 mb. Despite this drop, product stocks were 9.5 mb, or 25.3%,
higher than at the same time a year ago. All products showed stock draws.
Gasoil
fell by 1.7 mb in April, ending the month at 24.4 mb, which was 4.7 mb, or
23.7%, above the previous year at the same time. The decline in middle distillate
stocks was mainly driven by higher arrivals to the region.
Gasoline
also fell by 0.3 mb
to end April at 9.5 mb, which was 3.5 mb, or more than 50% above the same month the
previous year. Fuel oil stocks fell by 0.7 mb to stand at 6.5 mb, which was 1.6 mb, or
31%, higher than a year ago. This fall was mainly driven by higher exports to Asia.
Change
Feb 16
Mar 16
Apr 16 Apr 16/Mar 16
Apr 15
Crude oil
238.8
237.9
229.1
-8.8
251.1
Gasoline
56.6
62.8
69.6
6.8
54.2
Diesel
95.8
89.8
80.3
-9.5
89.5
Jet kerosene
17.2
18.2
18.1
-0.1
14.6
Total products
169.6
170.8
167.9
-2.9
158.3
Total
408.4
408.7
397.0
-11.6
409.4
Sources: China Oil and Gas Petrochemicals and OPEC Secretariat.