Total OECD crude oil inventories (including the U.S.) declined by 151.4 million barrels in the 4th quarter. 71.4 million barrel decline in December.
The acceleration in December is significant because oil inventories need to stabilize in December and build in Q1, so that OECD refineries have enough feed stock to meet the annual spike in demand for refined products in Q2 and Q3.
OECD Oil Inventories
OECD Oil Inventories
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group