HomeAction InsightOil N' GoldUS Crude Oil Inventory Gained Marginally, In Contrast with Hopes of Decline

US Crude Oil Inventory Gained Marginally, In Contrast with Hopes of Decline

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products stocks gained +14.62 mmb to 1242.16 mmb in the week ended December 28. Crude oil inventory rose +0.01 mmb to 441.42 mmb (consensus: -3.09 mmb). Inventories increased in 3 out of 5 PADDs. Meanwhile, Cushing stock added +0.64 mmb to 41.29 mmb. Utilization rate soared +2.1% to 97.2% and crude production steadied at 11.7M bpd for the week.

Concerning refined oil product inventories, gasoline inventory jumped +6.89 mmb to 240 mmb as demand fell -7.8% to 8.62M bpd. The market had anticipated a +1.97 mmb increase in stockpile. Production dropped -6.02% to 9.53 bpd while imports slumped -38.31% to 0.31M bpd during the week. Distillate inventory soared +9.53 mmb to 129.43 mmb. Demand declined -24.5% to 3.2M bpd. The market had anticipated a +1.63 mmb gain in inventory. Production climbed +35.7% higher 5.59M bpd while imports slipped -4.41% to 0.2M bpd during the week.

 

Released after market close on Wednesday, the industry- sponsored API estimated that crude oil inventory declined -4.55 mmb during the week. For refined oil products, gasoline stockpile gained +8mb while distillate was up 4 mmb.

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