European crude oil stocks fell 1.4 per cent in July compared to June as refineries returned from maintenance and increased output to boost distillate stocks by 1.6 per cent, industry data showed today.
Crude oil stocks fell 6.35 million barrels from June to 457.27 million barrels in July, industry analyst Euroilstock said in its monthly survey of inventories in the 15 pre-expansion European Union countries plus Norway.
The fall was registered as Euroilstock revised June crude stock figures upward to 463.62 million barrels from 457.27 million barrels.
Crude stocks in July were 1.18 million barrels above the same month a year ago. However, the year-on-year surplus is sharply down from last month. Using the revised figures, crude stocks in June were some 13.41 barrels above June 2003.
Refineries in Germany, Britain and France resumed production after June maintenance, eating into regional crude oil stocks.
Euroilstock revised June throughput down from 12.298 million bpd in last month's report.
Soaring refinery margins in July as gas oil futures and cash gasoline prices hit record levels also encouraged refineries to maximise output, and refinery utilisation rose to 95.11 per cent from a revised rate of 92.95 per cent in June.
Distillate stocks, which include heating oil, diesel and jet fuel, rose 5.25 million barrels from June to 343.13 million barrels.
Concern that distillate stocks may not build sufficiently before peak winter demand kicks in has helped drive crude futures to their highest levels on record, although distillate stocks in July were 1.06 million barrels above the same time last year.