The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks slumped -5.86 mmb to 1273.57 mmb in the week ended November 8. Crude oil inventory added +2.22 mmb to 446 mmb (consensus: +1.65 mmb). Inventory gained in 3 out of 5 PADDs. PADD 3 (Gulf Coast) alone saw stock-build of +2.67 mmb. Cushing stock dropped -1.23 mmb to 46.52 mmb. Utilization rate added +1.8 percentage point to 87.8% while crude production steadied at 12.6M bpd for the week. Crude oil imports slipped -0.33M bpd to 5.75M bpd in the week.
Concerning refined oil product inventories, gasoline inventory gained +1.86 mmb to 219.09 mmb although demand gained +1.92% to 9.32M bpd. The market had anticipated a -1.18 mmb decrease in stockpile. Production added +1.37% to 10.17 bpd while imports jumped +37.37% to 0.68M bpd during the week. Distillate inventory declined -2.61 mmb to 116.66 mmb. The market had anticipated a -0.95 mmb draw. Demand rose +5.54% to 4.53M bpd. Production added +3.36% to 5.04 mmb while imports fell -22.88% to 0.24M bpd during the week.
Released after market close on Wednesday, the industry-sponsored API estimated that crude oil inventory fell -0.54 mmb during the week. For refined oil products, gasoline stockpile increased +2.3 mmb while distillate fell -0.89 mmb.
