Preliminary August data sees total OECD commercial oil stocks up m-o-m by 7.8 mb. At 2,712 mb, they were 111 mb less than the same time one year ago, 267 mb lower than the latest five-year average and 273 mb below the 2015-2019 average. Within the components, crude and product stocks rose m-o-m by 6.8 mb and 1.0 mb, respectively.
At 1,315 mb, OECD crude stocks were 0.7 mb lower than the same time a year ago, 105 mb below the latest five-year average and 133 mb lower than the 2015-2019 average. OECD product stocks stood at 1,398 mb, representing a deficit of 110 mb from the same time a year ago, 162 mb lower than the latest five-year average and 140 mb below the 2015-2019 average.
In terms of days of forward cover, OECD commercial stocks rose by 0.2 days m-o-m in August to stand at 59.3 days. This is 1.3 days below August 2021 levels, 5.0 days less than the latest five-year average and 3.8 days lower than the 2015-2019 average.
Preliminary data for September showed that total US commercial oil stocks fell by 4.2 mb m-o-m to stand at 1,221 mb. This is 30.0 mb, lower than the same month in 2021 and 88.0 mb, below the latest five-year average. Crude stocks rose by 2.0 mb, while product stocks fell by 6.2 mb.
| Â | Â | Â | Â Change | ||
| OECD stocks | Aug 21 | Jun 22 | Jul 22 | Aug 22 | Aug 22/Jul 22 |
| Crude oil | 1,315 | 1,294 | 1,308 | 1,315 | 6.8 |
| Products | 1,508 | 1,367 | 1,397 | 1,398 | 1.0 |
| Total | 2,823 | 2,661 | 2,705 | 2,712 | 7.8 |
| Days of forward cover | 60.6 | 58.3 | 59.1 | 59.3 | 0.2 |
| Â | Â | Â | Â Change | ||
| US stocks | Sep 21 | Jul 22 | Aug 22 | Sep 22 | Sep 22/Aug 22 |
| Crude oil | 420.3 | 424.2 | 427.2 | 429.2 | 2.0 |
| Gasoline | 227.0 | 225.6 | 214.8 | 207.5 | -7.3 |
| Distillate fuel | 132.1 | 112.5 | 111.8 | 110.9 | -0.9 |
| Residual fuel oil | 27.8 | 29.1 | 27.3 | 28.7 | 1.5 |
| Jet fuel | 42.0 | 41.2 | 38.7 | 36.2 | -2.5 |
| Total products | 830.6 | 791.3 | 798.0 | 791.8 | -6.2 |
| Total | 1,250.9 | 1,215.5 | 1,225.1 | 1,221.0 | -4.2 |
| SPR | 617.8 | 468.0 | 442.5 | 416.4 | -26.1 |
| Â | Â | Â | Â Change | ||
| Japan's stocks | Aug 21 | Jun 22 | Jul 22 | Aug 22 | Aug 22/Jul 22 |
| Crude oil | 67.1 | 59.8 | 60.1 | 64.2 | 4.1 |
| Gasoline | 10.0 | 10.0 | 8.9 | 9.7 | 0.7 |
| Naphtha | 9.4 | 9.6 | 9.3 | 8.1 | -1.2 |
| Middle distillates | 29.8 | 22.3 | 24.7 | 26.6 | 1.9 |
| Residual fuel oil | 12.4 | 11.3 | 10.8 | 11.4 | 0.7 |
| Total products | 61.6 | 53.3 | 53.6 | 55.8 | 2.2 |
| Total | 128.7 | 113.1 | 113.7 | 120.0 | 6.3 |
| Â | Â | Â | Â Change | ||
| EU stocks | Aug 21 | Jun 22 | Jul 22 | Aug 22 | Aug 22/Jul 22 |
| Crude oil | 433.7 | 434.4 | 432.8 | 432.5 | -0.3 |
| Gasoline | 100.8 | 111.5 | 108.7 | 106.9 | -1.8 |
| Naphtha | 24.3 | 30.3 | 29.9 | 29.0 | -1.0 |
| Middle distillates | 428.3 | 370.0 | 365.5 | 359.6 | -5.9 |
| Fuel oils | 62.5 | 60.5 | 59.7 | 59.4 | -0.3 |
| Total products | 615.8 | 572.3 | 563.8 | 554.8 | -8.9 |
| Total | 1,049.5 | 1,006.6 | 996.6 | 987.4 | -9.2 |