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.
