Mexican fuel inventories rise in late 2019
Mexico City, 23 January (Argus) — Mexican gasoline inventories increased by 30pc to 6.11mn bl in the week ended 27 December from the previous week, 71pc higher than the same week last year, according to preliminary energy ministry (Sener) data.
A slight recovery in domestic refined products output, lower demand from a slowing economy and a government crackdown on widespread fuel theft contributed to the higher stock levels in 2019.
Mexican fuel inventories for the week are closer to five days’ worth of demand — compared with roughly three days’ worth a year earlier — although this level is still below the 60- to 90-day international standard for OECD countries. This data includes fuels stored at inland and port terminals, but not at refineries.
Diesel inventories reached 2.93mn bl in the same week, up by 45pc from 2.02mn bl the week prior (see table for details). Year-on-year diesel inventories increased by 20pc from the same week in December 2018, when diesel stocks were at 2.44mn bl.
Jet fuel inventory levels increased by 12pc to 915,000 bl in the week ended 27 December from the prior week’s 814,000 bl level. In the same week of December 2018, jet fuel inventories were at 640,000 bl.
By Sergio Meana
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