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Inventories: Industry Tanks Soak Up Crude, Still Drain Products

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Global commercial crude tanks — OECD and non-OECD combined — continue filling up with crude oil and are now 186 million barrels higher than at the end of February when Russia invaded Ukraine. October saw an addition of 57 million bbl, preliminary data show, helped by Russian exports that are still running above prewar levels and US sales from strategic reserves. Much of the volume was at sea in September, and arrived in tanks in October. The picture for products is less rosy. Gasoline inventories dropped nearly 50 million bbl in that period, and middle distillate stocks shed 25 million bbl. The middle distillate pool remains tight, with diesel in short supply and jet fuel recouping some demand lost during the pandemic.

Topics:
Oil Inventories, Crude Oil, Oil Products, Oil Supply
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