Gulf Oil and Gas accountACCOUNT

Japan Stock Movements

Source: OPEC 11/18/2013, Location: Asia

In September, total commercial oil stocks in Japan rose by 3.7 mb, reversing the drop of last three months, to stand at at 164.4 mb. As this level, Japanese oil inventories are 17.0 mb or 9.4% below a year ago and 13.0 mb or 7.3% lower than the five-year average. Within components, crude saw a stock-build of 4.7 mb, while products declined by 1.1 mb.

Japanese commercial crude oil stocks saw a build in September, reversing the fall of the last three months, to stand at 89.5 mb. At this level, they are 14.6 mb or 14.0% below a year ago at the same time and 7.8 mb or 8.0% below the five-year average. The build in crude oil stocks was driven by lower crude throughput, which declined by around 182,000 b/d or 5.1%, averaging 3.4 mb/d. However, at this level, crude runs are 4.4% higher than the same month a year ago. Japanese refiners were running at 78.3%, around 4.3 pp lower than in the previous month, but 5.6 pp more than in the same period last year.

Higher crude imports in September also contributed to the build in crude oil commercial stocks. Indeed, crude oil imports rose by 248,000 b/d or 7.2% to average 3.7 mb/d. At this level, they were also 2.9% higher than the same period last year. Direct crude burning in power plants saw a significant drop of 42.3% in September when compared to August and 46.6% lower than during the same period last year.

On the product side, Japan’s total product inventories saw a drop of 1.1 mb in September, reversing the build of the last two months to stand at 74.8 mb. This drop transformed the surplus of last month to a deficit of 2.4 mb or 3.1%, remaining below the five-year average with a deficit of 5.3 mb or 6.6%. Lower refinery output, which declined by 5.1% in September from August, was behind the drop in product inventories. At 3.2 mb/d, Japanese refinery output was still 3.6% above the same period last year. A decline in product imports of 14.2% also contributed to the stockdraw in Japanese product stocks. However, the decrease in total domestic sales of oil products by 4.1% from a month earlier to an average of 3.1 mb/d limited a further drop in product stocks. With the exception of naphtha, all products witnessed a draw, with the bulk coming from gasoline.

Gasoline stocks fell by 1.1 mb in September, ending the month at 12.3 mb, which is 1.1 mb or 1.8% less than the same time last year and 0.9 mb or 6.9% below the fiveyear average. A decline of 13.3% in gasoline output combined with a decrease of around 13% in imports were behind this stock-draw, while lower domestic sales limited a further drop in gasoline stocks.

Distillate stocks fell slightly by 0.1 mb in September, reversing the build of the last three months to finish at 35.9 mb, which is in line with a year ago at the same period but still 1.8 mb or 4.9 % below the seasonal average. Within distillate components, jet fuel and kerosene stocks rose, while gasoil stocks dropped. In September, kerosene inventories rose by 7.8%, while jet fuel oil increased by 6.1% driven by high output. In contrast, gas oil stocks fell by 15.4% on the back of higher domestic sales, which increased by around 4%.

Total residual fuel oil stocks also went down by 0.3 mb to end the month of September at 15.5 mb, which is 1.7 mb or 10.1% less than a year ago and 2.2 mb or 12.6% lower than the five-year average. Within the fuel oil components, fuel oil A and fuel oil B.C stocks fell by 4.3% and 0.4%, respectively, driven by lower fuel oil output. In contrast, naphtha stocks rose by 0.4 mb in September for the second consecutive month, finishing at 11.1 mb, which is a surplus of 1.1 mb or 11% compared with a year ago but a deficit of 0.3 mb or 2.3% below the seasonal norm. The build in naphtha stocks came mainly from lower domestic sales, which declined by 5.2%, while lower production limited any further build in naphtha stocks.

Investment News in Japan >>

Australia >>  11/11/2019 - Woodside has taken a final investment decision on the pipeline component of the Pluto-North West Shelf (NWS) Interconnector and has entered into cont...
Japan >>  11/11/2019 - Marubeni Corporation (Marubeni) and Interstellar Technologies Inc. (hereinafter, “IST”) entered into a capital partnership via Marubeni’s investment i...

Saudi Arabia >>  10/31/2019 - SABIC leaders joined international partners and Saudi business leaders at the third annual Future Investment Initiative (FII) in Riyadh on October 30 ...
France >>  10/24/2019 - Total announces that it will focus its global venture fund on fostering carbon neutrality. The fund will increase its capital to a cumulative $400 mil...

Russia >>  10/22/2019 - The Gazprom Board of Directors approved the revised investment program and budget (financial plan) for 2019. The key figures of the investment program...
Egypt >>  10/17/2019 - Apache oil corporation has plans to boost investments in Egypt through using the cutting-edge oil and gas exploration technologies, said John J. Chris...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Japan Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2019 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.