Crude and fuel stocks held by European refiners stood at 1.02 billion barrels in May, up 0.7% on the month but 1.1% lower on the year, Euroilstock data showed on Tuesday.

The year-on-year drop was driven mainly by crude oil stocks, which fell 2.7% from 12 months earlier to 430 million barrels last month.

The monthly build in stock levels also came largely from crude, with a 1.9% rise on the month.

Gasoline stocks rose 7.8% from 12 months earlier, but at 111 million barrels, stocks of the motor fuel were down 0.9% on the month.

Middle distillate inventories stood at 392 million barrels in May, down 0.3% on the month and 0.8% on the year, the data showed.

European refiners’ crude intake stood at 8.805 million barrels per day (bpd) in May, down by 3.9% on the month and 3% lower on the year.
Source: Reuters (Reporting by Robert Harvey; Editing by Kirsten Donovan)