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EU plus Norway Stock Movements - March 2017

Source: OPEC 3/23/2017, Location: Europe

Preliminary data for January shows European total stocks rose by 21.5 mb to stand at 1,150 mb, which is 17.9 mb, or 1.5%, lower than the same time a year ago, but remained 52.6 mb, or 4.8%, higher than the latest five-year average. Crude and product stocks rose by 15.0 mb and 6.4 mb, respectively.

European crude inventories rose in January to stand at 481.7 mb, which is 8.0 mb, or 1.6%, lower than the same period a year ago, but 20.0 mb, or 4.3%, higher than the seasonal norm. The drop in crude throughput by around 120 tb/d and higher domestic production in January were behind the build.

European products stocks rose by 6.4 mb to end January at 668.3 mb, which is 9.9 mb, or 1.5%, lower than the same time a year ago, yet 32.5 mb, or 5.1%, above the seasonal norm. Within products, gasoline and distillate stocks rose, while residual fuel oil witnessed a draw.

Gasoline stocks rose by 4.1 mb in January to stand at 122.1 mb, which is 2.4 mb, or 1.9%, below a year earlier, but 4.6 mb, or 3.9%, higher than the seasonal norm. Distillate stocks rose by 5.5 mb in January to stand at 449.7 mb, which is 0.9 mb, or 0.2%, higher than the same time one year ago and 42.4 mb, or 10.4%, above the latest five-year average. The build in distillate and gasoline stocks could be attributed to lower domestic demand as output for both products went down.

In contrast, residual fuel oil stocks fell by 3.1 mb in January to stand at 72.7 mb, which is 6.5 mb, or 8.2%, less than the same month a year ago and 10.2 mb, or 12.3%, lower than the latest five-year average.

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