STOCKS DATA: EU-16 stocks build as crude runs hit Jan post-Covid high

Quantum Commodity Intelligence - Refined product stocks in the EU-16 hit a nine-month high in January on higher gasoline and diesel supply, as European crude runs reached its highest for the month in three years.

Crude intake in the EU-15 plus Norway reached 9.75mn bpd last month, according to Euroilstock data released Thursday, its highest January run-rate since 2020.

Crude runs were up 0.7% from December and 6.3% more than January 2022, as regional suppliers increased output in the final month before sanctions on Russian supply.

More fuels headed into storage as a result, with distillate stocks up 3% from December to a one-year high 376.5 million barrels.

And gasoline was up 4.5% from the previous month to 108 million barrels, an eight-month high.

Both gasoline and middle-distillate stocks are still relatively tight, according to Euroilstock data, around 8-9% below their five-year average for the month.

Naphtha stocks were up 0.9% on the month to 30.7 million barrels, up nearly 29% on the year.

And fuel oil stocks climbed 2.2% from December to 60.58 million barrels, around 4% higher on the year.

EU-16 crude inventories fell 2% on the month and were up 4.6% from last January at 4.28 million barrels.