EU plus Norway Stock Movements - September 2016

Source: OPEC 10/10/2016, Location: Europe

Preliminary data for July shows total European stocks drop slightly by 0.6 mb following a stock draw of 13.2 mb in June. At 1,158.2 mb, they are 51.9 mb, or 4.7%, above the same time a year ago and 80.6 mb, or 7.5%, higher than the latest five-year average. Crude rose slightly by 0.1 mb, while total products stocks fell by 0.7 mb.

European crude inventories rose slightly in July, reversing the stock draw of the previous month to stand at 493.0 mb. This was 2.2 mb, or 0.5%, above the same period a year ago, and 24.8 mb, or 5.3%, higher than the seasonal norm. The slight increase in crude oil stocks could derive from higher North Sea output, which offset the rise in crude throughput. Indeed, in July EU-16 refineries processed an average of 10.4 mb/d, which was 40,000 b/d higher than in the previous month.

In contrast, European products stocks fell, ending July at 665.1 mb. At this level, they were 49.6 mb, or 8.1%, above the same time a year ago, and 55.7 mb, or 9.1%, above the seasonal norm. All products, with the exception of distillates, witnessed a stock draw.

Distillate stocks rose by 1.1 mb in July to stand at 443.8 mb. At this level, they were 29.9 mb, or 7.2%, higher than the same time one year ago and 52.3 mb, or 13.4%, above the latest five-year average. The fall in distillate stocks came from lower distillate demand, which fell by nearly 30,000 b/d putting the year-to-date up by only 50,000 b/d.

In contrast, gasoline stocks fell by 0.7 mb in July to stand at 119.4 mb. Despite this stock draw, they were 14.9 mb, or 14.3%, above a year earlier, and 12.9 mb, or 12.1%, higher than the seasonal norm. The fall in gasoline stocks may have been driven by lower gasoline yields, mainly in French refineries. Higher demand in the region also contributed to the drop in distillate stocks.

Residual fuel oil stocks fell also by 0.7 mb in July to stand at 77.7 mb. At this level, they stood 2.5 mb, or 3.4%, above the same month a year ago but remained 6.1 mb, or 7.3%, lower than the latest five-year average. The fall in residual fuel oil stocks was a result of higher fuel oil demand, especially for marine bunkers.


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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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