The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks dropped -1.59 mmb to 1286.81 mmb in the week ended November 1. Crude oil inventory jumped +7.93 mmb to 446.78 mmb (consensus: +1.52 mmb). Inventory gained in 4 out of 5 PADDs. Cushing stock added +1.71 mmb to 47.75 mmb. Utilization rate slipped -1.7 percentage point to 86% while crude production steadied at 12.6M bpd for the week. Crude oil imports slipped -0.62M bpd to 6.08M bpd in the week.
Concerning refined oil product inventories, gasoline inventory declined -2.83 mmb to 217.23 mmb although demand fell -6.53% to 9.15M bpd. The market had anticipated a -1.81 mmb decrease in stockpile. Production slipped -0.14% to 10.19 bpd while imports plunged -18.5% to 0.79M bpd during the week.
Distillate inventory slipped -0.62 mmb to 119.13 mmb. Demand added +0.77% to 4.3M bpd. The market had anticipated a -0.95 mmb decrease in inventory. Production dropped -1.91% to 4.88M bpd while imports soared +93.67% to 0.31M bpd during the week.
Released after market close on Wednesday, the industry-sponsored API estimated that crude oil inventory rose +4.26 mmb during the week. For refined oil products, gasoline stockpile drew -4 mmb while distillate fell -1.6 mmb.
