Pacific Snapshot: Lean Stocks Set Stage for Higher Prices

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The Pacific region entered the new year with jet fuel stocks at relatively low levels, setting the stage for tight markets in the first quarter. Tanks across the Basin held 21.6 million bbl in January — a 11% shortfall versus 2021 rates for the month. South Korea and Australia accounted for all of the deficit with stocks down by a third. Korean refiners took supplies out of storage to meet large export commitments. Australia reduced import volumes since most international flights were still grounded.

Oil Inventories, Oil Products, Jet Fuel
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