EU Plus Norway Stock Movements - November 2017
Source: OPEC 11/16/2017, Location: Europe
Preliminary data for September showed that total European stocks fell by 11.8 mb reversing the build of last two months. At 1,133 mb, European stocks were 16.2 mb, or 1.4%, lower than the same time a year ago, but 36 mb, or 3.3%, higher than the latest five-year average. Within the components, crude stocks fell by 3.2 mb and product inventories dropped by 8.6 mb.
European crude inventories fell in September to stand at 489 mb, which was 2.3 mb, or 0.5%, higher than the same period a year ago. Compared to the seasonal average, they were 18 mb, or 3.8%, higher. The drop in crude oil stocks came on the back of higher refinery throughput, which increased by more than 20 tb/d to around 10.7 mb/d in September, compared with the previous month.
European product stocks also dropped by 8.6 mb, ending September at 643 mb, which was 18.5 mb, or 2.8%, lower than the same time a year ago, but 18.8 mb, or 3.0%, above the seasonal norm. All products witnessed stock draws.
Gasoline stocks fell by 2.0 mb in September, ending the month at 115 mb, which was 2.4 mb, or 2.1%, higher than the same time one year ago, and 5.0 mb, or 4.5%, higher than the seasonal norm.
Distillate stocks also fell by 4.0 mb in September to end the month at 440 mb, indicating a deficit of 11.6 mb or 2.6% with the same time a year ago, but 27 mb, or 6.5%, above the latest five-year average. Higher domestic consumption in the region was behind the drop in both products.
Residual fuel oil stocks fell by 0.8 mb in September to stand at 67 mb, which was 7.7 mb, or 10.3%, less than the same month a year ago, and 10.5 mb, or 13.6%, lower than the latest five-year average.