Onshore crude and product stocks in the main reporting areas fell by 60mn bl in November and December. The draw left inventories just 7mn bl up on a year earlier and at their lowest since March 2010. The US accounted for most of the crude and products draw, after a spurt in demand at the end of the year. A flood of crude to Asia-Pacific in the fourth quarter tightened supplies in the Atlantic basin, forcing US and European refiners to reduce stocks. Eastbound liftings from the Mideast Gulf and west Africa hit record levels, keeping fourth-quarter US crude imports at just below 8.5mn b/d ?1mn b/d down on the third quarter.
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