The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products stocks dropped -1.41 mmb to 1252.02 mmb in the week ended November 9. Crude oil inventory jumped +10.27 mmb (consensus: +3.18 mmb) to 442 mmb. Inventories increased in 4 out of of 5 PADDs. Meanwhile, Cushing stock added +1.17 mmb to 35.46 mmb. Utilization rate climbed higher, by +0.1% to 90.1% and crude production gained +0.86M bpd to 11.7M bpd for the week.
Concerning refined oil product inventories, gasoline inventory dipped -0.62 mmb to 226.61 mmb as demand gained +1.02% to 9.19M bpd. The market had anticipated a -1.48 decrease in stockpile. Production gained +3.52% to 10.06M bpd while imports plunged -57.19%% to 0.25M bpd during the week. Distillate inventory declined -3.59 mmb to 119.27 mmb as demand soared +7.3% to 4.63M bpd. The market had anticipated a -1.74 mmb drop in inventory. Production added +0.6% to 4.99M bpd while imports surged +83.74% to 0.31M bpd during the week.
Released after market close on Wednesday, the industry- sponsored API estimated that crude oil inventory jumped another significant amount of +8.8 mmb during the week. For refined oil products, gasoline stockpile gained +0.19 mmb while distillate was down -3.2 mmb.