January 19, 2016 [OPIS] - Refined oil-product stocks in the northwest European trading hub of Amsterdam-Rotterdam-Antwerp (ARA) rose to 48.5 million bbl in November, 44% higher than the same month in 2014, OPEC said today in its Monthly Oil Market report for January.
The 1.2-million-bbl climb in November followed a drawdown of 2.4 million bbl in October, according to the report by the Organization of Petroleum Exporting Countries. Gasoil inventories in the ARA region increased to 26.9 million bbl during November, 43% higher compared to levels in the same month in 2014, OPEC said. Gasoline stocks fell for the third consecutive month, yet remained 63% above the tally for November 2014.
Preliminary data for the EU-15 plus Norway suggests total oil-product stocks rose by 1.9 million bbl in November to 636 million bbl, 7.3% above levels over the same period in 2014. Distillate inventories rose by 1.2 million bbl to 428.9 million bbl in November, OPEC data shows. Distillate stocks were 41.4 million bbl, or 10.7%, higher than November of the previous year and stood 45.0 million bbl, or 11.7%, above the latest five-year average, amid slowing middle distillate demand in the region, OPEC said.
