The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks soared +4 mmb to 1315.23 mmb in the week ended August 23. Crude oil inventory slumped -10.03 mmb to 427.75 mmb (consensus: -2.11 mmb). Inventories decreased in ALL PADDs. PADD 2 (Midwest) alone saw inventory draw of -4.88 mmb. Cushing stock dropped -1.98 mmb to 40.36 mmb. Utilization rate dropped -0.7 percentage point to 95.2% while crude production added +0.2 M bpd 12.5M bpd for the week. Crude oil imports fell -1.29M bpd to 5.93M bpd in the week.
Concerning refined oil product inventories, gasoline inventory slipped -2.09 mmb to 231.98 mmb as demand gained +2.85% to 9.9M bpd. The market had anticipated a -0.39 mmb decrease in stockpile. Production added +1.25% to 10.26 bpd while imports jumped +8.18% to 0.97M bpd during the week. Distillate inventory decreased -2.06 mmb to 136.06 mmb. Demand slipped -2.62% to 3.76M bpd. The market had anticipated a +0.92 mmb increase in inventory. Production rose +slid -2.75% to 5.19M bpd while imports plunged -40.48% to 0.13M bpd during the week.
Released after market close on Wednesday, the industry- sponsored API estimated that crude oil inventory declined -11.1 mmb during the week. For refined oil products, gasoline stockpile decreased -0.35 mmb while distillate fell -2.5 mmb.
