US Stock Movements in August 2014

Source: OPEC 8/19/2014, Location: North America

Preliminary data for July shows that total commercial oil stocks rose by 2.1 mb for the sixth consecutive month to stand at 1,118.5 mb, the highest level since September 2013. Since February 2014, total commercial stocks have accumulated to a build of around 74 mb, leaving them 3.0 mb, or 0.3 %, above their five-year average at the end of July. However, they are still 0.9 mb, or 0.1%, below levels seen in the same period a year ago. Within components, product stocks saw a build of 21.5 mb, while crude witnessed a stock-draw of 19.3 mb.

US commercial crude stocks fell in July for the second consecutive month to stand at 365.6 mb. Despite this stock-draw, crude oil commercial stocks finished the month of July at 8.6 mb, or 2.4%, above their five-year average but are 0.9 mb, or 0.3%, lower than the same time a year ago. The fall in crude stocks was mainly driven by robust US crude oil refinery inputs averaging more than 16.5 mb/d, around 650,000 b/d more than the previous month. Refineries operated at around 92.7% of operable capacity during the month of July. Relatively higher crude imports in July over the previous month limited a further drop in US crude commercial stocks. Inventories at Cushing, Oklahoma, also dropped, falling more than 2.0 mb to end the month of July at around 20 mb. At this level, they are down more than 50% when compared to the same period last year. In contrast, total product stocks continued to rise for the fourth consecutive month, indicating a build of 21.5 mb to end July at 755.1 mb. At this level, US product stocks are in line with levels seen at the same time a year ago but show a deficit of 5.6 mb, or 0.7%, below the seasonal norm. Within products, the picture was mixed.

Gasoline stocks rose slightly by 0.1 mb in July, reversing last month’s drop, to stand at 213.8 mb. At this level, gasoline stocks were 9.1 mb, or 4.1%, lower than the same period a year ago and 2.5 mb, or 1.2%, less than the latest five-year average. The build in US gasoline stocks came mainly from higher production reaching almost 9.4 mb/d. However, higher gasoline demand during this driving season limited a further build in gasoline stocks.

Distillate stocks also rose by 3.4 mb in July to stand at 124.9 mb. Despite this build, distillate stocks were 23.7 mb, or 16.0%, below the five-year average and are 1.5 mb, or 1.2%, less than the same period a year ago. The build in middle distillate stocks reflected higher output, which increased by around 200,000 b/d to stand at more than 5.0 mb/d. The increase in apparent demand for distillates limited a further build in distillate stocks.

Residual fuel oil stocks fell by 1.9 mb to end July at 35.1 mb, which is 2.4 mb, or 6.3%, lower than both a year ago and the seasonal norm. Jet fuel stocks also fell by 2.8 mb to stand at 34.2 mb. At this level, jet fuel stocks stood at 5.0 mb, or 12.7%, less than the same month a year ago and 9.3 mb, or 21.4%, below the latest five-year average.


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


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