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.
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.