Wed, Feb 08, 2023 @ 16:51 GMT
HomeAction InsightOil N' GoldUS Crude Oil Inventory Jumped Significantly, Fuel Stockpiles Declined

US Crude Oil Inventory Jumped Significantly, Fuel Stockpiles Declined

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products stocks declined -7.99 mmb to 1254.99 mmb in the week ended October 19. Crude oil inventory rallied +6.35 mmb (consensus: +3.69 mmb) to 422.79 mmb. Inventories increased in 4 out of of 5 PADDs. Meanwhile, Cushing stock added +1.37 mmb to 30 mmb. Utilization rate gained +0.4% to 89.2% and crude production steadied at 10.9M bpd for the week.Concerning refined oil product inventories, gasoline inventory fell -4.83 mmb to 229.33 mmb as demand gained +1.55% to 9.32M bpd. The market had anticipated a -1.88 decrease in stockpile. Production slipped -3.85% to 10.03M bpd while imports declined -15.99% to 0.33M bpd during the week. Distillate inventory slipped-2.26 mmb to 130.38 mmb although demand gained +5.62% to 4.01M bpd. The market had anticipated a -1.93 mmb drop in inventory. Production rose 3.01% to 4.96M bpd while imports declined -1.21% to 0.16M bpd during the week.

Released after market close on Wednesday, the industry- sponsored API estimated that crude oil inventory jumped a significant amount of +9.88 mmb during the week. For refined oil products, gasoline stockpile slumped -2.8 mmb while distillate was down -2.4 mmb.


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