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OECD Americas Stock Movements - April 2017

Source: OPEC 5/4/2017, Location: North America

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Total commercial stocks in OECD Americas fell by 10.8 mb in February to stand at 1,611 mb, 31.5 mb above a year ago and 230 mb higher than the seasonal norm. Within the components, crude rose by 23.9 mb, while product stocks fell by 34.7 mb.

At the end of February, commercial crude oil stocks in OECD Americas rose, ending the month at 881 mb, which is 67 mb above the same time one year ago and 192 mb above the latest five-year average. The build in OECD Americas commercial crude stocks could be attributed to lower US crude throughput, which decreased by more than 800 tb/d to average 15.6 mb/d amid refinery maintenance. Higher US crude domestic production also supported this build; however, lower US crude imports limited a further build in crude oil stocks.

By contrast, commercial product stocks in OECD Americas fell by 34.7 mb in February, the sixth consecutive monthly drop, to stand at 730 mb. At this level, they are 35.4 mb less than the same time one year ago, but 37 mb higher than the seasonal norm. Higher demand, combined with lower refinery output, could be behind the drop in OECD America product stocks.

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