The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks declined -4.77 mmb to 1262.34 mmb in the week ended January 25. Crude oil inventory added +0.92 mmb to 445.94 mmb (consensus: +3.16 mmb). Inventories increased in 3 out of 5 PADDs. Meanwhile, Cushing stock dropped -0.15 mmb to 41.18 mmb. Utilization rate slipped dropped -2.8% to 90.1% and crude production steadied at 11.9M bpd for the week. Crude oil imports plunged to 7.08M bpd from 8.19M bpd in the prior week.
Concerning refined oil product inventories, gasoline inventory fell -2.24 mmb to 257.38 mmb although demand jumped +7.85% to 9.56M bpd. The market had anticipated a -1.92 mmb decrease in stockpile. Production rose +3.12% to 9.9 bpd while imports jumped+48.81% to 0.52M bpd during the week. Distillate inventory dropped -1.12 mmb to 141.27 mmb. Demand plunged -11.7 to 4.12M bpd. The market had anticipated a –1.43 mmb drop gain in inventory. Production fell -3.55% to 5.02M bpd while imports slumped -62% to 0.14M bpd during the week.
Released after market close on Wednesday, the industry- sponsored API estimated that crude oil inventory gained +2.1 mmb during the week. For refined oil products, gasoline stockpile gained +2.2Â mmb while distillate added +0.2 mmb.
