The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks added +0.15 mmb to 1268.76 mmb in the week ended November 22 . Crude oil inventory added +1.57 mmb to 451.95 mmb (consensus: -0.42 mmb). Inventory gained in 3 out of 5 PADDs. PADD 5 (West Coast) alone saw stock-build of +1.2 mmb. Cushing stock dropped -0.1 mmb to 44.12 mmb. Utilization rate slipped -0.2 percentage point to 89.3% while crude production climbed +0.1M bpd to 12.9M bpd for the week. Crude oil imports added +0.22M bpd to 6.19M bpd in the week.
Concerning refined oil product inventories, gasoline inventory jumped +5.13 mmb to 225.98 mmb although demand gained +0.13% to 9.2M bpd. The market had anticipated a +1.22 mmb increase in stockpile. Production added +0.99% to 10.27 bpd while imports declined -24.44% to 0.24M bpd during the week. Distillate inventory added +0.73 mmb to 116.41 mmb. The market had anticipated a +0.75 mmb increase. Demand added +1.62% to 4.39M bpd. Production slid -0.96% to 5.08 mmb while imports fell -24.44% to 0.24M bpd during the week.
Released after market close on Wednesday, the industry-sponsored API estimated that crude oil inventory gained +3.6 mmb during the week. For refined oil products, gasoline stockpile increased +4.3 mmb while distillate fell -0.67 mmb.
US Oil Inventory Increased Across the Board
