US Stock Movements in January 2015

Source: OPEC 2/6/2015, Location: North America

Preliminary data for December shows that total commercial oil stocks rose by 27.8 mb, reversing the fall of the previous two months to stand at 1,149 mb. With this build, they were nearly 80 mb or 7.5% above the latest five-year average and 85.0 mb or 8.0% higher than in the same period a year earlier. Within components, commercial crude and product stocks saw a build of 24.7 mb and 3.1 mb, respectively.

US commercial crude stocks rose in December to stand at 382.4 mb. At this level, crude commercial stocks finished the month at 24.7 mb or 6.9% above the same time a year earlier, remaining 40.3 mb or 11.8% above the latest five-year average. The build in commercial crude stocks was mainly driven by higher crude imports, which rose by around 198 tb/d to stand at 7.52 mb/d. Ongoing higher US domestic production also contributed to the build in US ercial stocks. However, the surge in US crude oil refinery input by nearly 400,000 b/d to average 16.4 mb/d, limited any further build. Refineries operated at around 92.1% of capacity in December, 3.0 pp higher than the previous month. Crude at Cushing, Oklahoma, rose by more than 8 mb in December to stand at to 32.1 mb, narrowing the gap with the same time a year earlier to about 8.0 mb, down from 19.0 mb the previous month.

In December, total US product stocks surged sharply by 24.7 mb to end the month at 766.6 mb. With this stock build, product stocks were 60 mb or 8.5% above the levels seen at the same time a year ago, showing a surplus of 40 mb or 5.4% above the seasonal norm. With the exception of residual fuel oil, all products experienced builds. Gasoline stocks rose by 28.6 mb, ending December at 237.2 mb, which was 9.1 mb or 4.0% higher than the same period a year ago and 12.2 mb or 5.4% above the latest five-year average. The build came mainly from higher gasoline output, which increased by around 100,000 b/d, reaching 9.6 mb/d. Higher demand limited a further stock build in gasoline.

Distillate stocks rose by 20.8 mb in December following a drop over the previous two months. At 136.9 mb, they were 9.6 mb or 7.6% less than the same period one year earlier, though still indicating a deficit of 11.4 mb or 7.7% with the five-year average. The build in middle distillate stocks mainly reflected higher output, which increased by nearly 350,000 b/d to average 5.2 mb/d.

Jet fuel stocks also rose by 2.1 mb, ending December at 37.8 mb, which is 0.6 mb or 1.5% higher than the same month a year ago, though remaining 3.2 mb or 7.7% below the latest five-year average. In contrast, residual fuel oil stocks fell by 4.5 mb in December to end the month at 33.1 mb, which is 4.6 mb or 12.2% lower than the previous year in the same period, and 3.8 mb or 10.3% below the seasonal norm. This build is mainly attributed to higher residual fuel demand.


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Related Categories: 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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