The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks surged +21.04 mmb to 1286.82 mmb in the week ended March 27. Crude oil inventory soared +13.83 mmb (consensus: +4 mmb) to 469.19 mmb. Stockpile rose in ALL PADDs. PADD 3 (Gulf Coast) alone saw a build of 6.47 mmb. Cushing stock added +3.52 mmb to 42.82 mmb. Utilization rate declined -5 percentage points to 82.3% while crude production steadied at 13M bpd for the week. Crude oil imports were slipped -0.07M bpd to 6.05M bpd in the week.
Concerning refined oil product inventories, gasoline inventory jumped +7.52 mmb to 246.81 mmb as demand slumped -24.65% to 6.66M bpd. The market had anticipated a +1.95 mmb increase in stockpile. Production plunged -16.77% to 7.46M bpd while imports fell -11.75% to 0.74M bpd during the week. Distillate inventory dropped -2.19 mmb to 122.25 mmb. The market had anticipated a +1.03 mmb increase. Demand gained +2.95% to 3.91 Mbpd. Production added +2.65% to 4.97 mmb while imports rose +10.43% to 0.13M bpd during the week.
Released after market close on Wednesday, the industry-sponsored API estimated that crude oil inventory soared +10.48 mmb during the week. For refined oil products, gasoline stockpile surged +6.09 mmb while distillate plunged -4.46 mmb.
