OPEC Monthly Oil Market Report – November 2017
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.
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.
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
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
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.
Sources: Argus Media, Euroilstock, IEA, METI, OPEC
Secretariat and US Energy Information Administration.