Stockdraw emerges downstream

摘要

Onshore crude stocks are building,but low refinery runs are eroding product inventories this quarter.Total onshore oil stocks in the US,EU 16 and Japan fell by almost 20mn bl in January and February - a draw of 330,000 b/d.While crude inventories continued to rise,the build was outstripped by a 650,000 b/d draw in products.This is the first time in two years that inventories in these three regions have fallen for two successive months.But total stocks at the end of last month were still 100mn bl up on this time last year.And lower demand has left forward cover well above previous years.In the US,stock cover of 53 days was the highest for February since 1999.