US Stock Movements - June 2015

Source: OPEC 6/20/2015, Location: North America

Preliminary data for May shows that total commercial oil stocks rose slightly by 1.9 mb after increasing sharply by more than 30 mb in March and April to stand at 1252.0 mb. With this build, they were 133.8 mb or 12% above the same period a year ago and 149.2 mb or 13.5% higher than the latest five-year average. Within the components, commercial crude went down by 9.6 mb, while products saw a build of 11.5 mb.

US commercial crude stocks fell in May, reversing the build of the last eight months, to stand at 477.4 mb, finishing the month at 83.4 mb or 21.2% above the same time last year and 97.0 mb or 25.5% above the latest five-year average. Higher crude oil refinery input contributed to this stock draw. Indeed, refinery runs rose 100,000 b/d to average 16.3 mb/d, the highest of the year. Refineries were running at around 91% of operable capacity in May, 1.0 pp higher than the previous month and 1.3% above last year at the same time. Crude at Cushing, Oklahoma, saw a stock draw of 2.7 mb in May versus April to end the month at 59.0 mb. The latest draw in US commercial crude stocks has contributed to the recent rebound in crude prices.

In contrast, total product stocks rose by 11.5 mb in May to end the month at 774.6 mb, which was around 50.4 mb or 7.0% above the level seen at the same time a year ago and 52.2 mb or 7.2% above the seasonal norm. All other products saw builds, with the exception of gasoline.

Gasoline stocks fell by 7.6 mb in May for the third consecutive month to stand at 220.3 mb, which was 2.6 mb or 1.2% higher than the same period a year ago and 5.6 mb or 2.6% above the latest five-year average. The drop came mainly from stronger apparent demand, which averaged nearly 9.3 mb/d, around 400,000 b/d more than the April figure. Higher gasoline output, which reached 9.7 mb/d, limited further drops in gasoline inventories.

In contrast, distillate stocks rose by 1.8 mb in May, ending the month at 132.6 mb, which was 10.9 mb or 8.9% more than at the same time a year ago and 0.6 mb or 0.4% over the five-year average. The build in middle distillate stocks was driven by higher production, however, improvements in demand limited further builds.

Jet fuel and residual fuel stocks rose in May by 1.9 mb and 2.3 mb, respectively. At 38.4 mb, jet fuel oil stood at 0.3 mb or 0.8% lower than the same month a year ago, and 2.6 mb or 6.4% below the latest five-year average. Residual fuel oil ended the month of May at 41.0 mb, which was 2.7 mb or 7.1% higher than last year at the same time and 2.5 mb or 6.4% above the seasonal norm.


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