Oil prices moved slightly up Friday morning, following five consecutive days of declines. Brent contract <LCOc1> was trading at $61.41/bbl as of 8:40 AM UKT, up by 5 cents from the previous settle. At the same time, WTI <CLc1> had gained 28 cents from the previous settle, trading at $55.42/bbl at the same time.
According to the latest PJK data, total oil product stocks stored in the ARA-hub decreased by 191,000 mt to 5.12 million mt for the week ending November 9th. All products, apart from Gasoline and Jet Fuel, recorded weekly declines. Fuel Oil stocks recorded the largest decrease in the stocks this week, down by 126,000 mt last week, following four consecutive weeks of increases. Gasoil stocks declined by 125,000 mt last week, this is the seventh week in a row that gasoil stocks declined, currently standing at 1.93 million mt, with the gasoil stocks currently standing close to the lowest point monitored the last 5 years and way below 2016 levels. The decrease continues, despite the increase that Thomson Reuters monitored the previous week of crude grades that provide favourable distillation yields for gasoil.
Gasoline stocks increased by 64,000 mt to 981,000 mt, setting the second week of consecutive increases in the stock levels. Jet Fuel stocks increased compared to the previous week by 61,000 mt, standing at 748,000 mt, offsetting the decline in the stocks that was monitored the week that ended on the 2nd of November. Naphtha stocks declined by 65,000 mt or 27% compared to the previous week, to a total of 176,000 mt.
The Oil Research Team
Supply Chain & Commodities Research