The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products stocks gained +14.62 mmb to 1242.16 mmb in the week ended December 28. Crude oil inventory rose +0.01 mmb to 441.42 mmb (consensus: -3.09 mmb). Inventories increased in 3 out of 5 PADDs. Meanwhile, Cushing stock added +0.64 mmb to 41.29 mmb. Utilization rate soared +2.1% to 97.2% and crude production steadied at 11.7M bpd for the week.

Concerning refined oil product inventories, gasoline inventory jumped +6.89 mmb to 240 mmb as demand fell -7.8% to 8.62M bpd. The market had anticipated a +1.97 mmb increase in stockpile. Production dropped -6.02% to 9.53 bpd while imports slumped -38.31% to 0.31M bpd during the week. Distillate inventory soared +9.53 mmb to 129.43 mmb. Demand declined -24.5% to 3.2M bpd. The market had anticipated a +1.63 mmb gain in inventory. Production climbed +35.7% higher 5.59M bpd while imports slipped -4.41% to 0.2M bpd during the week.

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Released after market close on Wednesday, the industry- sponsored API estimated that crude oil inventory declined -4.55 mmb during the week. For refined oil products, gasoline stockpile gained +8mb while distillate was up 4 mmb.

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