Wed, Feb 08, 2023 @ 16:51 GMT
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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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