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US Stock Movements - August 2017

Source: OPEC 9/6/2017, Location: North America

Preliminary data for July shows that US total commercial oil stocks fell by 22.4 mb, for the second consecutive months to stand at 1,316.4 mb. At this level, they are 51 mb, or 3.7%, lower than the same period a year ago, but 137 mb, or 11.6%, higher than the latest five-year average. Within the components, crude and products stocks fell by 21 mb and 1.4 mb, respectively.

US commercial crude stocks fell in July for the fourth consecutive month, to stand at 481.9 mb, which is 8.1 mb, or 1.7%, below the same time one year ago, and 94 mb, or 24%, above the latest five-year average. The drop in commercial crude stocks was driven by higher refinery runs, increasing by more than 150 tb/d in July compare to June, reaching 17.3 mb/d. Refineries were running at 94.6%, one percentage point higher than last month. Lower crude imports also contributed to the fall in crude oil stocks. In the week ending 4 August crude inventories fell further by 6.4 mb to 475.4 mb for six consecutive weeks. Crude inventories in Cushing, Oklahoma declined by 3.7 mb in July m-o-m to stand at 55.8 mb.

Total product stocks also fell by 1.4 mb in July to stand at 834.5 mb. At this level, they were 42.9 mb, or 4.9%, down from the level seen at the same time in 2016, but 43.3 mb, or 5.5%, above the seasonal average. Within products, with the exception of propylene, all other products experienced stock draws.

Gasoline stocks fell by 9.6 mb in July for the third consecutive month to stand at 227.7 mb, which is 12.6 mb, or 5.3%, lower than the same period a year ago, but 6.2 mb, or 2.8%, above the latest five-year average. The drop came mainly from higher gasoline consumption averaging nearly 9.8 mb/d in July, more than 220 tb/d above the previous month.

Distillate stocks also fell by 1.0 mb in July to stand at 149.4 mb, indicating a deficit of 6.6 mb, or 4.2%, over the same period a year ago, and 14.2 mb, or 10.5%, above the latest five-year average. The fall in middle distillate stocks mainly came as a result of higher consumption, which increased by about 50 tb/d to stand at 4.2 mb/d.

Residual fuel and jet fuel stocks also fell by 3.0 mb and 0.6 mb, ending July at 33.7 mb and 40.4 mb, respectively. Both products stocks stood below last year at the same time, while jet fuel stocks are 0.3 mb above the five-year average. Residual fuel stocks remained 3.8 mb less than the historical average.

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