The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products stocks gained +2.99 mmb to 1262.98 mmb in the week ended October 12. Crude oil inventory rallied +6.49 mmb (consensus: +2.17 mmb) to 416.44 mmb. Inventories increased in ALL of of 5 PADDs. Meanwhile, Cushing stock added +1.78 mmb to 28.63 mmb. Utilization rate steadied at 88.8% and crude production dropped -2.68M bpd to 10.9M bpd for the week.
Concerning refined oil product inventories, gasoline inventory dropped -0.85 mmb to 234.16 mmb as demand gained +1.15% to 9.18M bpd. The market had anticipated a -1.07 decrease in stockpile. Production jumped +7.4% to 10.43M bpd while imports declined -43.15% to 0.39M bpd during the week. Distillate inventory slipped-0.62 mmb to 132.64 mmb although demand sank -18.06% to 3.79M bpd. The market had anticipated a -1.28 mmb drop in inventory. Production fell -4.24% to 4.82M bpd while imports declined -11.77% to 0.17M bpd during the week.
Released after market close on Wednesday, the industry- sponsored API estimated that crude oil inventory plunged -2.13 mmb during the week. For refined oil products, gasoline stockpile slumped -3.4 mmb while distillate was down -0.25 mmb.