{"id":16382,"date":"2016-01-12T13:49:07","date_gmt":"2016-01-12T18:49:07","guid":{"rendered":"http:\/\/olduvai.ca\/?p=16382"},"modified":"2016-01-12T13:49:07","modified_gmt":"2016-01-12T18:49:07","slug":"no-glut-in-australian-petroleum-inventories","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=16382","title":{"rendered":"No glut in Australian petroleum inventories"},"content":{"rendered":"

No glut in Australian petroleum inventories<\/a><\/h3>\n
\n

The Australian Capital\u2019s daily newspaper Canberra Times started the New Year by reprinting an\u00a0article of the Daily Telegraph<\/a>\u00a0referring to an abundance of oil \u2013 without checking whether this also applies to Australia, especially after a year of political football games between a Senate committee and energy bureaucrats on one side and between the Industry and Foreign Ministers on the other, over Australia\u2019s non-existent strategic oil reserve.<\/p>\n

So let\u2019s check on Australia\u2019s commercial stocks, using the Australian Petroleum Statistics
\nhttp:\/\/www.industry.gov.au\/Office-of-the-Chief-Economist\/Publications\/Pages\/Australian-petroleum-statistics.aspx<\/a>\u00a0of the Department of Industry.<\/p>\n

Consumption cover<\/strong><\/h4>\n

\"\"<\/a><\/p>\n

Fig 1: Gasoline stocks and consumption cover in days<\/p>\n

Average Gasoline stocks over 5 years were 740 Kt with seasonal fluctuations of around \u00b1100 Kt (table 6). These stocks cover consumption of around 21 days or 3 weeks (table 7). The month-to-month fluctuations are caused by the arrival of tanker ships.<\/p>\n

\"\"<\/a><\/p>\n

Fig 2: Diesel stocks and consumption cover in days<\/p>\n

Average diesel stocks are 860 Kt equal to a consumption cover of only 17 days.<\/p>\n

\"\"<\/a><\/p>\n

Fig 3: Jet fuel stocks and consumption cover in days<\/p>\n

Average jet fuel stocks are 300 Kt equivalent to 18 days\u2019 consumption.<\/p>\n

\"\"<\/a><\/p>\n

Fig 4: LPG stocks and consumption cover in days<\/p>\n

Average LPG\u00a0 stocks are 160 Kt equal to 27 days\u2019 consumption.<\/p>\n

\"\"<\/a><\/p>\n

Fig 5: Crude oil stocks and refinery input cover<\/p>\n

Crude oil stocks have been reduced after the closure of 2 oil refineries.<\/p>\n

The Shell refinery in Sydney (85 kb\/d) closed in September 2012 which is about 340 Kt\/month.<\/p>\n

The Caltex refinery in Sydney (135 kb\/d) closed in December 2014 equivalent to 550 Kt\/month. So at around one month refinery input in stocks, these refinery closures would explain a drop in stocks of around 900 Kt.<\/p>\n

The next refinery closure will be BP in Brisbane (100 kb\/d)<\/p>\n

Net import cover<\/strong><\/h4>\n

As a member of the IEA and a net oil importer Australia is obliged to keep stocks of 90 days of net oil imports (crude and products)<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

No glut in Australian petroleum inventories The Australian Capital\u2019s daily newspaper Canberra Times started the New Year by reprinting an\u00a0article of the Daily Telegraph\u00a0referring to an abundance of oil \u2013 without checking whether this also applies to Australia, especially after a year of political football games between a Senate committee and energy bureaucrats on one […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[41,11648,11649,6292,11650,416,433,588,3044],"class_list":["post-16382","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-australia","tag-australia-transport","tag-australian-refineries","tag-crude-oil-peak","tag-crude-oil-stocks","tag-iea","tag-international-energy-agency","tag-oil","tag-oil-glut"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/16382","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16382"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/16382\/revisions"}],"predecessor-version":[{"id":16383,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/16382\/revisions\/16383"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16382"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16382"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16382"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}