The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks declined -4.93 mmb to 1263.83 mmb in the week ended November 29 . Crude oil inventory declined -4.86 mmb (consensus: -1.73 mmb). Inventory declined in 4 out of 5 PADDs. PADD 3 (Gulf Coast) alone saw withdrawal of -2.72 mmb. Cushing stock dropped -0.3 mmb to 43.82 mmb. Utilization rate added +2.6 percentage point to 91.9% while crude production steadied at 12.9M bpd for the week. Crude oil imports slipped -0.2M bpd to 5.99M bpd in the week.
Concerning refined oil product inventories, gasoline inventory jumped +3.89 mmb to 229.36 mmb as demand dropped -1.87% to 9.03M bpd. The market had anticipated a +1.83 mmb increase in stockpile. Production fell -1.23% to 9.94 bpd while imports declined -48.38% to 0.4M bpd during the week. Distillate inventory added +3.06 mmb to 116.41 mmb. The market had anticipated a +1.08 mmb increase. Demand plunged -19.05% to 3.56M bpd. Production added +3.7% to 5.26 mmb while imports fell -39.92% to 0.14M bpd during the week.
Released after market close on Wednesday, the industry-sponsored API estimated that crude oil inventory declined -3.72 mmb during the week. For refined oil products, gasoline stockpile increased +2.93 mmb while distillate added +0.79 mmb.
