The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products stocks gained +4.83 mmb to 1253.43 mmb in the week ended November 2. Crude oil inventory increased +5.78 mmb (consensus: +2.43 mmb) to 426 mmb. Inventories increased in 3 out of of 5 PADDs. Meanwhile, Cushing stock jumped +232 mmb to 34.3 mmb. Utilization rate gained +0.6% to 90% and crude production added +0.4M bpd to 11.6M bpd for the week.
Concerning refined oil product inventories, gasoline inventory added +1.85 mmb to 228.02 mmb as demand slipped -1.76% to 9.1M bpd. The market had anticipated a -2.28 decrease in stockpile. Production dropped -0.65% to 9.71M bpd while imports jumped +62.81% to 0.59M bpd during the week. Distillate inventory declined -3.47 mmb to 122.86 mmb as demand fell -2.44% to 4.32M bpd. The market had anticipated a -2.63 mmb drop in inventory. Production slipped -0.4% to 4.96M bpd while imports rose +17.73% to 0.17M bpd during the week.
Released after market close on Wednesday, the industry- sponsored API estimated that crude oil inventory jumped another significant amount of +7.83 mmb during the week. For refined oil products, gasoline stockpile dropped -1.2 mmb while distillate was down -3.64 mmb.
