The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks declined -3.36 mmb to 1258.98 mmb in the week ended February 1. Crude oil inventory added +1.26 mmb to 447.21 mmb (consensus: +2.18 mmb). Inventories increased in 3 out of 5 PADDs. Meanwhile, Cushing stock gained +1.44 mmb to 42.63 mmb. Utilization rate added +0.6% to 90.7% and crude production steadied at 11.9M bpd for the week. Crude oil imports added +0.06M bpd to 7.15M bpd in the prior week.
Concerning refined oil product inventories, gasoline inventory added +0.51 mmb to 257.89 mmb as demand plunged -5.13% to 9.07M bpd. The market had anticipated a +1.6 mmb increase in stockpile. Production slipped -0.48% to 9.86 bpd while imports jumped+19.5% to 0.63M bpd during the week. Distillate inventory dropped -2.26 mmb to 139.01 mmb. Demand added +1.19% to 4.67M bpd. The market had anticipated a -1.81 mmb drop gain in inventory. Production gained +2.03% to 5.12M bpd while imports soared +240% to 0.45M bpd during the week.
Released after market close on Wednesday, the industry- sponsored API estimated that crude oil inventory gained +2.51 mmb during the week. For refined oil products, gasoline stockpile gained +1.73 mmb while distillate added +0.14 mmb.