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US Stock Movements - March 2017

Source: OPEC 4/10/2017, Location: North America

Preliminary data shows that following the build of 11.9 mb seen in January, US total commercial oil stocks rose by 1.8 mb, to stand at 1,349.2 mb in February, 31.0 mb, or 2.4%, above the same period a year ago and 226.7 mb, or 20.2%, higher than the latest five-year average. Within the components, crude rose by 25.4 mb, while products fell by 23.7 mb.

US commercial crude stocks rose in February to stand at 520.2 mb, 31.8 mb, or 6.5%, above the same time last year and 134.4 mb, or 34.9%, above the latest five-year average. The build in US commercial crude stocks could be attributed to lower crude throughputs, which decreased by more than 800 tb/d to average 15.6 mb/d. Higher crude domestic production also supported the build; however, lower crude imports limited a further build in crude oil stocks.

In contrast, total product stocks fell by 23.7 mb in February to stand at 829.0 mb, 0.7 mb, or 0.1%, down from the level seen at the same time in 2016, but 92.2 mb, or 12.5%, above the seasonal norm. With the exception of jet fuel, all products experienced a stock-draw.

Gasoline stocks fell by 1.2 mb in February, reversing the sharp build of 19.4 mb seen in January. At 255.9 mb, gasoline stocks stood 0.3 mb, or 0.1%, higher than the same period a year ago and 19.1 mb, or 8.1%, above the latest five-year average. The drop came mainly as a result of higher consumption, which averaged 8.7 mb/d, higher than in the previous month.

Distillate stocks fell by 6.5 mb in February, ending the month at 164.2 mb, which indicated a surplus of 1.5 mb, or 0.9%, over the same period a year ago and 32.1 mb, or 24.3%, above the latest five-year average. The drop in middle distillate stocks also came as a result of higher consumption, which increased by nearly 280 tb/d to average around 4.0 mb/d.

Residual fuel stocks declined by 2.8 mb, ending February at 38.3 mb, 7.7 mb, or 16.8%, below the same period a year ago and 0.4 mb, or 1.1%, below the latest five-year average. In contrast, jet fuel oil inventories rose by 2.1 mb to 44.6 mb in February, 2.3 mb, or 5.5%, higher than the same time last year, and 4.2 mb, or 10.4%, above the seasonal norm.

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


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