The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products stocks declined -6.4 mmb to 1248.6 mmb in the week ended October 26. Crude oil inventory increased +3.22 mmb (consensus: +4.11 mmb) to 426 mmb. Inventories increased in 3 out of of 5 PADDs. Meanwhile, Cushing stock added +1.88 mmb to 31.88 mmb. Utilization rate gained +0.2% to 89.4% and crude production added +0.3M bpd to 11.2M bpd for the week. Concerning refined oil product inventories, gasoline inventory fell -3.16 mmb to 226.17 mmb although demand slipped -0.67% to 9.26M bpd. The market had anticipated a -2.14 decrease in stockpile. Production gained +3.35% to 10.36M bpd while imports rose +9.67% to 0.36M bpd during the week. Distillate inventory declined -4.05 mmb to 126.32 mmb as demand gained jumped +10.48% to 4.43M bpd. The market had anticipated a -1.37 mmb drop in inventory. Production gained +0.46% to 4.98M bpd while imports declined -13.5% to 0.14M bpd during the week.
Released after market close on Wednesday, the industry- sponsored API estimated that crude oil inventory jumped another significant amount of +5.69 mmb during the week. For refined oil products, gasoline stockpile slumped -3.5 mmb while distillate was down -3.1 mmb.
