摩根大通：石油需求与库存追踪_经合组织石油产品库存开始累积

Investment Rating - The report does not explicitly state an investment rating for the oil industry Core Insights - Global oil demand averaged 104.3 million barrels per day (mbd) through June 24, showing year-over-year growth of 410 thousand barrels per day (kbd), but 130 kbd lower than the forecasted growth of 540 kbd for June [4] - Visible OECD commercial oil inventories decreased by 10 million barrels (mb) during the third week of June, with crude oil inventories dropping by 9 mb and oil product stocks falling by 1 mb [4] - Global liquid inventories have increased for the fourth consecutive week, rising by 9 mb in the third week of June, with a month-to-date build of 39 mb in June [4][5] Summary by Sections Oil Demand - US gasoline and jet fuel demand remained strong due to seasonal travel, while industrial fuel consumption was weak, with propane and distillate demand at post-pandemic lows [4] - Year-to-date global oil demand growth is at 1.01 mbd, closely aligning with the revised forecast of 1.06 mbd [4] Inventory Trends - OECD liquid stocks shifted from a 4 mb build in the first two weeks of June to a 6 mb decline, with crude inventories down by 21 mb and product inventories up by 15 mb [4] - The accumulation of oil product stocks has accelerated in June, marking the highest rate of build in 13 months [5] Regional Insights - South Korea reported a year-over-year decline in oil consumption statistics for May, with total oil demand in eight European economies declining by 30 kbd YoY in January [30][73] - Naphtha demand in East Asia remained stable despite initial disruptions, while Southeast Asian imports may face risks due to increased tariffs [4]