The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks gained +6.7 mmb to 1267.11 mmb in the week ended January 18. Crude oil inventory soared +7.97 mmb to 445.03 mmb (consensus: -0.04 mmb). Inventories increased in ALL 5 PADDs. Meanwhile, Cushing stock dropped -0.19 mmb to 41.33 mmb. Utilization rate slipped dropped -1.5% to 94.6% and crude production steadied at 11.9M bpd for the week. Crude oil imports rose to 8.19 M bpd, highest since August 2018.
Concerning refined oil product inventories, gasoline inventory rose +4.05 mmb to 259.62 mmb although demand gained +3.54% to 8.87M bpd. The market had anticipated a +2.66 mmb increase in stockpile. Production added +0.21% to 9.6 bpd while imports jumped+48.81% to 0.56M bpd during the week. Distillate inventory slid -0.62 mmb to 142.39 mmb. Demand rose +4.92% to 4.67M bpd. The market had anticipated a -0.23 mmb drop gain in inventory. Production slipped -3.84% to 5.2M bpd while imports dropped -6.08% to 0.36M bpd during the week.
Released after market close on Wednesday, the industry- sponsored API estimated that crude oil inventory jumped +6.65 mmb during the week. For refined oil products, gasoline stockpile gained +3.64 mmb while distillate added +2.57 mmb.