The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks jumped +6.53 mmb to 1265.51 mmb in the week ended February 8. Crude oil inventory added +3.63 mmb to 450.84 mmb (consensus: +2.67 mmb). Inventories increased in 3 out of 5 PADDs. Meanwhile, Cushing stock dropped -1.02 mmb to 41.61 mmb. Utilization rate plunged -4.8% to 85.9% and crude production steadied at 11.9M bpd for the week. Crude oil imports fell -0.94M bpd to 6.21M bpd in the prior week.
Concerning refined oil product inventories, gasoline inventory added +0.41 mmb to 258.31 mmb as demand plunged -4.68% to 8.65M bpd. The market had anticipated a +0.83 mmb increase in stockpile. Production slipped -2.4% to 9.62 bpd while imports plunged -26.88% to 0.46M bpd during the week. Distillate inventory gained +1.19 mmb to 140.2 mmb. Demand slumped -19.39% to 3.77M bpd. The market had anticipated a -1.14 mmb drop gain in inventory. Production fell -6.97% to 4.76M bpd while imports declined -4.58% to 0.44M bpd during the week.
Released after market close on Wednesday, the industry- sponsored API estimated that crude oil inventory fell -1 mmb during the week. For refined oil products, gasoline stockpile gained +0.75 mmb while distillate plunged -2.48 mmb.