Wed, Feb 08, 2023 @ 17:29 GMT
HomeAction InsightOil N' GoldUS Crude Oil Inventory Increased for Another Week as Output Soared

US Crude Oil Inventory Increased for Another Week as Output Soared

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products stocks declined -6.4 mmb to 1248.6 mmb in the week ended October 26. Crude oil inventory increased +3.22 mmb (consensus: +4.11 mmb) to 426 mmb. Inventories increased in 3 out of of 5 PADDs. Meanwhile, Cushing stock added +1.88 mmb to 31.88 mmb. Utilization rate gained +0.2% to 89.4% and crude production added +0.3M bpd to 11.2M bpd for the week. Concerning refined oil product inventories, gasoline inventory fell -3.16 mmb to 226.17 mmb although demand slipped -0.67% to 9.26M bpd. The market had anticipated a -2.14 decrease in stockpile. Production gained +3.35% to 10.36M bpd while imports rose +9.67% to 0.36M bpd during the week. Distillate inventory declined -4.05 mmb to 126.32 mmb as demand gained jumped +10.48% to 4.43M bpd. The market had anticipated a -1.37 mmb drop in inventory. Production gained +0.46% to 4.98M bpd while imports declined -13.5% to 0.14M bpd during the week.

Released after market close on Wednesday, the industry- sponsored API estimated that crude oil inventory jumped another significant amount of +5.69 mmb during the week. For refined oil products, gasoline stockpile slumped -3.5 mmb while distillate was down -3.1 mmb.

Featured Analysis

Learn Forex Trading