The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products stocks increased +3.28 mmb to 1209.86 mmb in the week ended August 4. Crude oil inventory dropped -1.35 mmb (consensus: -3.33 mmb) to 407.39 mmb. Inventories decreased in 3 out of 5 PADDs. Cushing stock slipped -0.59 mmb to 21.8 mmb. Utilization rate added +0.5% to 96.6%. Meanwhile, crude production slid -0.92% to 10.8M bpd for the week.
Concerning refined oil product inventories. Gasoline inventory soared +2.9 mmb to 233.87 mmb as demand plunged -5.39 % to 9.35M bpd. The market had anticipated a -1.7 mmb decrease in stockpile. Production fell -5.44 % to 9.91M bpd while imports jumped +24.34% to 0.94M bpd during the week.
Distillate inventory increased +1.23 mmb to 125.42 mmb although demand increased +10.83% to 4M bpd. The market had anticipated a +0.22 mmb gain in inventory. Production added +1.51% to 5.44M bpd while imports soared +7.64% to 0.17M bpd during the week.
Released after market close on Wednesday, the industry- sponsored API estimated that crude oil inventory fell -6 mmb during the week. For refined oil products, gasoline stockpile rose +3.1 mmb while distillate was up +1.8 mmb.