Inventories: Diesel Stocks Remain Precariously Low

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The release of crude oil and refined products from strategic petroleum reserves (SPRs) has helped boost commercial inventories again in April and May. OECD inventories held by the industry rose 42 million barrels in April and 17 million bbl in May, preliminary data show. OECD April saw a big upward revision. But the situation is not as robust as the headline numbers suggest: the situation in key fuels gasoline and diesel remains precarious. The growth was in ‘other’ products — like propane in the US, which has no impact on global market pricing — and in crude oil. US ‘other’ products rose 17 million bbl in April and 18 million bbl in May. OECD crude oil added 18 million bbl in April and 4 million bbl in May.

Oil Inventories, Crude Oil, Oil Products, Oil Tankers
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