OPEC MOMR November 2017
Table of Contents Table of Contents
Previous Page  82 / 103 Next Page
Information
Show Menu
Previous Page 82 / 103 Next Page
Page Background

Stock Movements

74

OPEC Monthly Oil Market Report – November 2017

Stock Movements

OECD commercial oil stocks fell by 23.6 mb in September to stand at 2,985 mb, which was around 154 mb

above the latest five-year average. Crude and products indicated surpluses of 129 mb and 25 mb above the

seasonal norm, respectively. In terms of days of forward cover, OECD commercial stocks stood at

62.3 days in September, which was 1.9 days higher than the latest five-year average.

Preliminary data for October showed that US total commercial oil stocks fell massively by 37.4 mb to stand

at 1,257 mb. At this level, they were 101 mb lower than the same period a year ago, but 73 mb higher than

the latest five-year average. Within the components, crude and product stocks dropped by 7.8 mb and

29.6 mb, m-o-m, respectively.

The latest information for China showed that total commercial oil inventories fell by 5.3 mb in September to

settle at 365.9 mb, which was 6.7 mb lower than in the previous year. Within the components, crude stocks

remained unchanged, while product stocks fell by 5.3 mb.

OECD

Preliminary data for September showed that

total OECD commercial oil stocks

fell by 23.6 mb for the

second consecutive month to stand at 2,985 mb, which was around 83 mb lower than the same time one

year ago, but 154 mb above the latest five-year average. Within the components, crude rose by 1.9 mb,

while product stocks fell by 25.6 mb, m-o-m. All OECD regions witnessed stock-draws. It should be noted

that the overhang was reduced by 29 mb from a month earlier and by 183 mb from January 2017.

OECD commercial

crude stocks

rose by 1.9 mb

m-o-m in September, reversing the stock-draw of

the last five consecutive months to stand at

1,499 mb, which was 8.0 mb lower than the same

time a year ago, but 129 mb higher than the latest

five-year average. OECD Americas experienced a

stock build, while OECD Europe and Asia Pacific

witnessed stock draws.

In contrast, OECD

product inventories

fell by

25.6 mb m-o-m in September to stand at 1,486 mb,

which was 75 mb below the same time a year ago,

but 25 mb above the seasonal norm. All OECD

regions saw stock draws.

In terms of

days of forward cover

, OECD

commercial stocks fell by 0.9 days in September to

stand at 62.3 days, which was 2.1 days below the

same period in 2016, but 1.9 days higher than the

latest five-year average.

Graph 9 - 1: OECD commercial oil stocks

Within the regions, OECD Americas had 2.9 more days of forward cover than the historical average to stand

at 62.3 days in September. OECD Europe stood 0.7 days higher than the seasonal average to finish the

month at 68.2 days, while OECD Asia Pacific indicated a surplus of 0.6 days higher than the seasonal norm,

to stand at 52.5 days in September.

2,500

2,600

2,700

2,800

2,900

3,000

3,100

3,200

2,500

2,600

2,700

2,800

2,900

3,000

3,100

3,200

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

mb

mb

2015

2016

2017

Historical range

2012-16

Sources: Argus Media, Euroilstock, IEA, METI, OPEC

Secretariat and US Energy Information Administration.

Avg. 2012-16