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Stock builds in early 2015 and 2016 has overshadowed a stronger than average draw for the last four months as the oil price correction could be entering a third phase of crude and product stock draws. One sign of a balancing oil market is a decline in the days of demand covered by oil stock inventories. The US may not return to its historical days of coverage because: (1) US produced barrels show up sooner in working inventory, and thus days of coverage, earlier than barrels on waterborne tankers and (2) removal of US crude oil export ban could inflate stocks held due to a storage cost advantage and ability to re-export.
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This Oil Markets Insight report highlights the key issues surrounding this topic, and draws out the implications for those involved.
For participants, suppliers and advisors who want to look at the trends, risks and issues of this topic, this report gives you an expert point of view to help inform your decision making.
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Insight | Oct 2016
Seasonality of stock changes
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