The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks sank -3.14 mmb to 1295.96 mmb in the week ended September 6. Crude oil inventory declined -6.91 mmb to 416.07 mmb (consensus: -2.69 mmb). Inventories decreased in ALL 5 PADDs. Cushing stock dropped -0.8 mmb to 39.33 mmb. Utilization rate added +0.3 percentage point to 95.1% while crude production steadied at 12.4M bpd for the week. Crude oil imports slipped -0.18M bpd to 6.73M bpd in the week.
Concerning refined oil product inventories, gasoline inventory slipped -0.68 mmb to 228.9 mmb as demand gained +3.55% to 9.81M bpd. The market had anticipated a -0.85 mmb decrease in stockpile. Production added +0.86% to 10.36 bpd while imports rose +11.16% to 0.79M bpd during the week.
Distillate inventory increased +2.7 mmb to 136.23 mmb. Demand declined -7.98% to 3.8M bpd. The market had anticipated a +0.0.7 mmb increase in inventory. Production gained +3.63% to 5.34M bpd while imports slumped -64.52% to 0.04M bpd during the week.
Released after market close on Wednesday, the industry- sponsored API estimated that crude oil inventory plummeted -7.23 mmb during the week. For refined oil products, gasoline stockpile declined -4.46 mmb while distillate gained +0.62 mmb.
