The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks climbed +0.06 mmb to 1221.91 mmb in the week ended March 22. Crude oil inventory increased +2.8 mmb to 442.28 mmb (consensus: -1.2 mmb). Inventories rose in 3 out of 5 PADDs with PADD 3 (Gulf Coast) seen a +4.58 mmb increase. Meanwhile, Cushing stock added +0.54 mmb to 46.92 mmb. Utilization rate dropped -2.3% to 86.6% while crude production steadied at 12.1M bpd for the week. Crude oil imports decreased -0.39M bpd to 6.54M bpd in the prior week.
Concerning refined oil product inventories, gasoline inventory declined -2.88 mmb to 238.52 mmb as demand fell -3.03% to 9.12M bpd. The market had anticipated a -2.78 mmb drop in stockpile. Production slid -2.7% to 9.66 bpd while imports declined -13.24% to 0.69M bpd during the week.Distillate inventory fell -2.08 mmb to 130.17 mmb. Demand declined -10.41% to 4.22M bpd. The market had anticipated a -1.09 mmb decline in inventory. Imports soared +91.18% to 0.2M bpd while production was largely unchanged at 4.93M bpd during the week.
Released after market close on Wednesday, the industry- sponsored API estimated that crude oil inventory increased +1.9 mmb during the week. For refined oil products, gasoline stockpile drew -3.5 mmb while distillate decreased -4.31.61 mmb.
