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EU plus Norway Stock Movements - August 2016

Source: OPEC 8/29/2016, Location: Europe

Preliminary data for June shows a total European stock draw of 6.8 mb, reversing the previous month’s build of 11.6 mb to stand at 1,165 mb. At this level, they are 52.3 mb, or 4.7%, above the same time a year ago and 88.5 mb, or 8.2%, higher than the latest five-year average. Crude and product stocks declined by 2.1 mb and 4.7 mb, respectively. European crude inventories declined in June, reversing the stock build of the previous month to stand at 494.4 mb. This was 0.3 mb, or 0.1%, above the same period a year ago, and 23.2 mb, or 4.9%, higher than the seasonal norm. The drop in crude oil stocks came as refinery crude runs rose to 10.06 mb/d in June from 9.66 mb/d in May when a combination of seasonal declines and strikes left throughput levels particularly low. European product stocks also fell, ending June at 670.9 mb. At this level, they were 52.1 mb, or 4.7%, above the same time a year ago, and 88.5 mb, or 8.2%, above the seasonal norm. All products experienced a stock draw, with the exception of naphtha. Gasoline stocks fell by 2.1 mb in June to stand at 122.3 mb. Despite this stock draw, they were 2.1 mb, or 14.7%, above a year earlier, and 15.6 mb, or 14.6%, higher than the seasonal norm. The fall in gasoline stocks could be driven by higher demand in the region, along with higher exports to the region. Distillate stocks also fell by 1.2 mb in June to stand at 443.2 mb. At this level, they were 29.9 mb, or 7.2%, higher than the same time one year ago and 56.3 mb, or 14.5%, above the latest five-year average. The fall in distillate stocks came from lower distillate supply combined with strong demand, mainly in Germany. Residual fuel oil stocks declined by 1.8 mb in June to stand at 80.7 mb. At this level, they stood 6.1 mb, or 8.2%, above the same month a year ago, but remained 2.7 mb, or 3.3%, lower than the latest five-year average. The fall in residual fuel oil stocks was a result of higher fuel oil demand, especially in major EU bunkering markets.

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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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