The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks sank -1.63 mmb to 1285.52 mmb in the week ended April 23. Crude oil inventory climbed higher, by +0.09 mmb (consensus: +0.66 mmb) to 493.11 mmb. Stockpile increased in 4 out of 5 PADDs, but was partly offset by the sharp withdrawal (-5.07 mmb) in PADD 3 (Gulf Coast). Cushing stock added +0.72Â mmb to 46.07 mmb. Utilization rate added +0.4 percentage point to 85.4% while crude production slipped -0.1M bpd to 10.9M bpd for the week. Crude oil imports increased +1.21M bpd to 6.62M bpd in the week.
Concerning refined oil product inventories, gasoline inventory gained +0.09 mmb, to 235.07 mmb although demand dropped -2.49% to 8.88M bpd. The market had anticipated a +0.51 mmb increase in stockpile. Production added +2.59% to 9.63M bpd while imports dropped -8.76% to 1.02M bpd during the week. Distillate stockpile declined -3.34 mmb to 139.05 mmb. The market had anticipated a -0.65 mmb fall. Demand rose +12.4% to 4.33M bpd. Production added +1.56% to 4.63 mmb while imports jumped +51.65% to 0.14M bpd during the week.
A day earlier, the industry-sponsored API estimated that crude oil inventory rose +4.32 mmb. Gasoline stockpile dropped -1.29 mmb, while that for distillate dropped -2.42 mmb.
