January stocks draw on crude drop

摘要

Onshore crude and products stocks declined in January in the three main report- ing regions as oil markets slowly rebalance after the demand shock of last year. Stocks fell by 20mn bl in January from December. The large stockbuild last year means that Opec will continue to measure rebalancing this year against 2015-19 rather than rolling forward to the most recent fve-year average, which would result in the high 2020 fgures infating the reference period. Total stocks in the US, EU 16 and Japan were 75mn bl above the 2015-19 average in January this year. The surplus, by contrast, was just 11mn bl at this time last year.