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EU plus Norway Stock Movements - May 2017

Source: OPEC 5/17/2017, Location: Europe

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Preliminary data for March shows that total European stocks rose slightly by 0.6 mb following a build of 20.0 mb in February. At 1,159.2 mb, European stocks were 5.1 mb, or 0.4%, lower than the same time a year ago, but remained 58.3 mb, or 5.3%, higher than the latest five-year average. Crude stocks remained unchanged, while total product stocks rose by 0.6 mb, m-o-m.

European crude inventories remained unchanged in March to stand at 486.4 mb, which is 0.4 mb, or 0.1%, higher than the same period a year ago. Comparing to the seasonal average, they were 13.7 mb, or 2.9%, higher. The decline of crude throughput offset the increase in North Sea production, leading to almost a flat level in European inventories. Preliminary data indicates that European refiners were running at around 10.3 mb/d in March, about 20 tb/d lower than the same period one year ago.

By contrast, European product stocks rose by 0.6 mb, ending March at 673 mb, which is 5.5 mb, or 0.8%, lower than the same time a year ago but still 44.6 mb, or 7.1%, above the seasonal norm. Within products, distillate and naphtha stocks rose, while gasoline and residual fuel oil inventories witnessed draws.

Distillate stocks rose by 1.0 mb in March to end the month at 453.0 mb, which is 6.7 mb, or 1.5%, higher than the same time a year ago, and 54.6 mb, or 13.7%, above the latest five-year average. The build was driven mainly by lower demand in March compared to January. In contrast, gasoline stocks fell by 0.9 mb in March to stand at 123.9 mb, which is 0.4 mb, or 0.3%, higher than the same time one year ago, and 6.1 mb, or 5.2%, higher than the seasonal norm. The fall in gasoline stocks was mainly driven by lower output. Residual fuel oil stocks also fell by 0.3 mb in March to stand at 70.4 mb, which is 12.5 mb, or 15.0%, less than the same month a year ago, and 11.0 mb, or 13.5%, lower than the latest five-year average.

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