Tue, Jun 22, 2021 @ 08:30 GMT
HomeAction InsightOil N' GoldUS Crude Oil Inventory Increased Less than Expected. Refined Stocks Declined

US Crude Oil Inventory Increased Less than Expected. Refined Stocks Declined

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks fell -2.49 mmb to 1263.03 mmb in the week ended February 15 Crude oil inventory added +3.67 mmb to 454.51 mmb (consensus: +3.08 mmb). Inventories jumped +3.39 mmb in PADD2 (Midwest) and +1.67 mmb in PADD3 (Gulf Coast). Meanwhile, Cushing stock soared +3.41 mmb to 45.02 mmb. Utilization rate steadied at 85.9% and crude production climbed +0.1 mmb higher to 12M bpd for the week. Crude oil imports gained +1.31M bpd to 7.52M bpd in the prior week.Concerning refined oil product inventories, gasoline inventory declined +1.45 mmb to 256.85 mmb as demand added +1.76% to 8.8M bpd. The market had anticipated a -0.35 mmb drop in stockpile. Production slipped -1.35% to 9.49 bpd while imports plunged -8.1% to 0.42M bpd during the week. Distillate inventory fell -1.52 mmb to 138.68 mmb.  Demand soared +11.92% to 4.22M bpd. The market had anticipated a -1.69 mmb decline in inventory. Production dipped -0.1% to 4.76M bpd while imports dropped -1.6% to 0.43M bpd during the week.

Released after market close on Wednesday, the industry- sponsored API estimated that crude oil inventory gained +1.26 mmb during the week. For refined oil products, gasoline stockpile drew -1.55 mmb while distillate decreased -0.76 mmb.

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