Stocks below five-year average

摘要

Onshore oil inventories continue to decline and are at their lowest in three years — well below the five-year average. Stocks of crude and products in the US, Europe and Japan fell by just 3mn bl in April as a build in crude inventories offset most of the draw in products. Maintenance closures continued to restrict crude demand from refiners — at 30.1mn b/d, crude runs were 1.5mn b/d lower than the record reached at the end of last year. Crude inventories rose by 17mn bl in March-April after falling to a three-year low at the end of February, but in the same period more than 30mn bl was drawn from product stocks.