Russian fuel oil inventories are quickly declining
- Octavio Santa Gadaea
Join Date:Apr 2015 Posted by Octavio Santa Gadaea / 17.08.2015 03:33We seen Russian exports at similar or slightly higher levels this year, while demand has come down. I believe demand is down due to lower bunker sales (due to new tax weights and low flat price). Refinery crude runs are also down we believe due to poor refining margins again after lowering the crude export tax.
The question here is what do this inventory figures include, and they seem to point towards a decline in Russian FO exports, however we still see a very oversupplied market at least in the East. Any comments or feedback is welcome.
- Yui Torikata / IEF
Join Date:May 2011 Reply 1 by Yui Torikata / IEF / 21.08.2015 22:08Dear Octavio,
I am delighted to hear your interest in JODI-Oil World Database.
Concerning Russian inventory data, definition of stock data for Russian oil products are in line with our JODI-Oil Definition available in JODI-Oil Manual 2nd Edition(Concerning Russian fuel oil inventory data, unlike crude oil which we have some question about Russian data (and it is mentioned in the country note) the definition should be in line with our JODI-Oil Manual (https://www.jodidata.org/oil/support/jodi-oil-manual.aspx).
Our colleague at the APEC who are in close communication with Russian National Administration may have further insight on this matter so I will alert him about this post.
- Ben Kramer
Join Date:Oct 2015 Reply 2 by Ben Kramer / 27.10.2015 17:17I am puzzled to see a chart with Russian closing stocks for 2014 by Octavio Gadaea ( I suppose it's oil).
In the Jodi database, there is no information about Russian closing oil stocks for 2014. Where can I find the data of the chart?
- Yui Torikata / IEF
Join Date:May 2011 Reply 3 by Yui Torikata / IEF / 04.11.2015 09:22Dear Ben,
While Russia do not report Crude oil and Kerosene stock level data, the country reports stock level data for other products. To view these data please make sure to view them in Unit "Thousand Barrels (kbbl)".
In reply to Ben Kramer