The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks rose +7.09 mmb to 1446.72 mmb in the week ended June 19. Crude oil inventory added +1.44 mmb (consensus: +0.3 mmb) to 540.72 mmb. Stockpile rose in 3 out of 5 PADDs. Cushing stock dropped further, by -0.99 mmb, to 45.85 mmb. Utilization rate added +0.8 percentage points to 74.6% while crude production added +0.5M bpd to 11M bpd for the week. Crude oil imports slipped -0.1M bpd to 6.54M bpd in the week.
Concerning refined oil product inventories, gasoline inventory slipped -1.67 mmb to 255.32 mmb as demand gained +9.38% to 8.61M bpd. The market had anticipated a -1.3 mmb decrease in stockpile. Production added +8.53% to 8.94M bpd while imports jumped +32.83% to 0.7M bpd during the week. Distillate inventory gained +0.25 mmb to 174.72 mmb. The market had anticipated a -0.65 mmb decrease. Demand dropped -2.5% to 3.47 bpd. Production added +1.4% to 4.56 mmb while imports slumped -57.67% to 0.0.7M bpd during the week.
Released after market close on Wednesday, the industry-sponsored API estimated that crude oil inventory gained +1.75 mmb during the week. For refined oil products, gasoline and distillate inventories also dropped -3.86 mmb and -2.61 mmb, respectively.
