Oil At Sea Drops Sharply In Q3
Volumes of oil stored at sea shrank sharply during the third quarter with the consequent deliveries to refiners preventing a larger draw in onshore inventories, U.K. consultants Oil Movements said.
"It looks as though stocks at sea bore the biggest share of the burden of downward adjustment (in OECD stocks) through the period," Oil Movements said in a report. It estimated stocks at sea fell by 400,000 bpd in three months to end-September. The deliveries ashore meant the third quarter draw onshore of crude and petroleum products was restricted to about 400,000 bpd. It said it expected stocks at sea to be rebuilt during the fourth quarter resulting in a larger onshore draw for the remainder of the year.