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US Stock Movements - July 2015

Source: OPEC 7/25/2016, Location: North America

Preliminary data for June shows that total US commercial oil stocks rose by 10.1 mb to stand at 1,375.2 mb. At this level, they were around 98 mb, or 7.7%, above the same period a year ago and 232 mb, or 20%, higher than the latest five-year average. Within the components, crude stocks fell by 11.4 mb, while products rose by 21.5 mb.

US commercial crude stocks fell in June, ending the month at 524.4 mb. At this level, they were 54.8 mb, or 11.7%, above the same time a year earlier and 129 mb, or 32.6%, above the latest five-year average. On a weekly basis, crude oil stocks have declined for seven consecutive weeks. The fall in crude oil stocks arose due to lower domestic production, combined with higher crude runs at this time of the year. Indeed, US crude oil refinery inputs averaged 16.5 mb/d in June, around 220,000 b/d higher than the previous month. This corresponds to a refinery utilization rate of around 92.0%, or about 1.3 percentage points (pp) higher than May. In June, crude commercial inventories at Cushing, Oklahoma, stood at 64.1 mb, around 1.4 mb lower than the month earlier.

In contrast, total product stocks rose by 21.5 mb in June to stand at 850.9 mb. At this level, US product stocks were around 43.1 mb, or 5.3%, above the level seen the same time a year ago, with a surplus of 103 mb, or 20.2%, above the seasonal norm. Within products, the picture was mixed. Other unfinished product inventories witnessed the bulk of the build, while distillate, jet fuel and residual fuel oil experienced drops. Gasoline stocks rose slightly by 0.3 mb to end the month at 238.9 mb. At this level, they remained 17.8 mb, or 8.1%, higher than the same period a year ago, and 21.5 mb, or 9.9%, above the latest five-year average. The build in gasoline stocks came mainly from higher gasoline output. However, healthy gasoline demand limited a further build in gasoline stocks.

In contrast, distillate stocks fell by 0.7 mb in June to end the month at 148.9 mb. At this level, they indicated a surplus of 9.5 mb, or 6.8%, from the same period a year ago, and 19.5 mb, or 15.1%, above the latest five-year average. The fall in middle distillate stocks came amid healthy demand, while higher output limited further stock draws in June.

Residual fuel oil inventories fell by 1.0 mb to 40.0 mb in June, slightly lower than the same period a year ago, but remained at 2.0 mb, or 5.2%, above the seasonal norm. Jet fuel stocks fell by 2.1 mb, ending June at 40.2 mb. At this level, jet fuel stocks stood 3.5 mb, or 7.9%, below the same period one year ago and were in line with the latest five-year average.



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