The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks gained +5 mmb to 1260.4 mmb in the week ended January 11. Crude oil inventory fell -2.68 mmb to 437.06 mmb (consensus: -1.32 mmb). Inventories decreased in 3 out of 5 PADDs. Meanwhile, Cushing stock added -0.74 mmb to 41.52 mmb. Utilization rate slipped dropped -1.5% to 94.6% and crude production climbed +0.2 mmb higher to 11.9M bpd for the week.
Concerning refined oil product inventories, gasoline inventory jumped +7.5 mmb to 255.57 mmb as demand dropped -2% to 8.57M bpd. The market had anticipated a +2.77mb increase in stockpile. Production added +2.02% to 9.58 bpd while imports declined -31.45% to 0.38M bpd during the week. Distillate inventory added +2.97 mmb to 143.01 mmb. Demand rose +50.36% to 4.45M bpd. The market had anticipated a +1.57 mmb gain in inventory. Production slipped -2.7% to 5.41M bpd while imports soared +45.38% to 0.38M bpd during the week.
Released after market close on Wednesday, the industry- sponsored API estimated that crude oil inventory dropped -0.56 mmb during the week. For refined oil products, gasoline stockpile soared +5.99 mmb while distillate gained +3.21 mmb.
