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Crude Oil Inventory Surprisingly Declined in US

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 22. Crude oil inventory plunged -8.65 mmb to 445.87 mmb (consensus: +2.84 mmb). Inventories declined in 4 out of 5 PADDs with PADD 3 (Gulf Coast) seen remarkable -6.76 mmb withdrawal. Meanwhile, Cushing stock added +1.63 mmb to 46.65 mmb. Utilization rate gained +1.2% to 87.1% while crude production climbed +0.1 mmb higher to 12.1M bpd for the week. Crude oil imports dropped -1.61M bpd to 5.92M bpd in the prior week.

Concerning refined oil product inventories, gasoline inventory declined -1.91 mmb to 254.94 mmb as demand added +2.06% to 8.98M bpd. The market had anticipated a -1.69 mmb drop in stockpile. Production added +0.67% to 9.55 bpd while imports soared +12.62% to 0.47M bpd during the week. Distillate inventory fell -0.3 mmb to 138.38 mmb. Demand slipped -3.32% to 4.0M bpd. The market had anticipated a -1.95 mmb decline in inventory. Imports slumped -23.2% to 0.33M bpd while production gained +1.2% to 4.82M bpd during the week.

Released after market close on Wednesday, the industry- sponsored API estimated that crude oil inventory declined -4.2 mmb during the week. For refined oil products, gasoline stockpile drew -3.8 mmb while distillate increased +0.4 mmb.

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