The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products stocks jumped +7.96 mmb to 1248.71 mmb in the week ended September 28. Crude oil inventory rallied +7.98 mmb (consensus: +1.99 mmb) to 403.96 mmb. Inventories increased in 6 out of 5 PADDs. PADD III alone saw stockbuild of 6.58 mmb. Meanwhile, Cushing stock added +1.7 mmb to 24.49 mmb. Utilization rate steadied at 90.4% and crude production also stayed unchanged at 11.1M bpd for the week.
Concerning refined oil product inventories, gasoline inventory dropped -0.46 mmb to 235.22 mmb as demand gained +1.28% to 9.1M bpd. The market had anticipated a +1.32 mmb increase in stockpile. Production added +1.2% to 9.95M bpd while imports declined -17.38% to 0.71M bpd during the week. Distillate inventory fell -1.75 mmb to 136.13 mmb although demand sank -9.65% to 3.88M bpd. The market had anticipated a -1.3 mmb drop in inventory. Production added +0.68% to 5.03M bpd while imports rose +30.65% to 0.16M bpd during the week.
Released after market close on Wednesday, the industry- sponsored API estimated that crude oil inventory jumped -0.91 mmb during the week. For refined oil products, gasoline stockpile fell -1.7 mmb while distillate was down -1.2 mmb.
