The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks surged +7.22 mmb to 1229.13 mmb in the week ended April 12. Crude oil inventory surprisingly dropped -1.4 mmb to 455.15 mmb (consensus: +1.71 mmb). Inventories declined in 3 out of 5 PADDs with PADD 2 (Midwest) seen a -2.42 mmb decrease. Meanwhile, Cushing stock fell -1.54 mmb to 44.45 mmb. Utilization rate added +0.2% to 87.7% while crude production slipped -0.1M bpd to 12.1M bpd for the week. Crude oil imports decreased -0.61M bpd to 5.99M bpd in the prior week.
Concerning refined oil product inventories, gasoline inventory declined -1.17 mmb to 227.96 mmb although demand plunged -3.94% to 9.42M bpd. The market had anticipated a -2.13 mmb drop in stockpile. Production slipped -0.37% to 10.086 bpd while imports jumped +38.66% to 0.0.99M bpd during the week. Distillate inventory fell -0.36 mmb to 127.69 mmb. Demand lsumped -11.27% to 3.78M bpd. The market had anticipated a -0.85 mmb decline in inventory. Imports soared +40.82% to 0.14M bpd while production slid -4.27%to 4.82M bpd during the week.
Released after market close on Wednesday, the industry- sponsored API estimated that crude oil inventory decreased -3.1 mmb during the week. For refined oil products, gasoline stockpile drew -3.56 mmb while distillate added +2.3mmb.