The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks gained +13.28 mmb to 1255.44 mmb in the week ended January 4. Crude oil inventory fell -1.68 mmb to 439.74 mmb (consensus: -2.8 mmb). Inventories decreased in 3 out of 5 PADDs. Meanwhile, Cushing stock added +0.33 mmb to 42.26 mmb. Utilization rate slipped soared -1.1% to 96.1% and crude production steadied at 11.7M bpd for the week.
Concerning refined oil product inventories, gasoline inventory jumped +8.07 mmb to 248.06 mmb as demand dropped -1.3% to 8.74M bpd. The market had anticipated a +3.39 mmb increase in stockpile. Production added +1.49% to 9.39 bpd while imports jumped +75.16% to 0.55M bpd during the week. Distillate inventory soared +10.61 mmb to 140.04 mmb. Demand declined -7.74% to 2.96M bpd. The market had anticipated a +1.89 mmb gain in inventory. Production slipped -0.5% to 5.56M bpd while imports rose +33.85% to 0.26M bpd during the week.
Released after market close on Wednesday, the industry- sponsored API estimated that crude oil inventory slumped -6.1 mmb during the week. For refined oil products, gasoline stockpile soared +5.5 mmb while distillate jumped +10.2 mmb.
