The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks surged +8.82 mmb to 1244.6 mmb in the week ended April 19. Crude oil inventory soared +5.48 mmb to 460.63 mmb (consensus: +1.26 mmb). Inventories rose in 4 out of 5 PADDs with PADD 2 (Midwest) seen a -2.42 mmb decrease. Meanwhile, Cushing stock added +0.46 mmb to 44.91 mmb. Utilization rate gained +2.4% to 90.1% while crude production gained +0.1M bpd to 12.2M bpd for the week. Crude oil imports increased +1.16M bpd to 7.15M bpd in the week.

Concerning refined oil product inventories, gasoline inventory declined -2.13 mmb to 225.83 mmb although demand slipped -0.12% to 9.41M bpd. The market had anticipated a -1.04 mmb drop in stockpile. Production slipped -1.14% to 9.971 bpd while imports fell -8.5% to 0.91M bpd during the week. Distillate inventory fell -0.66 mmb to 127.03 mmb. Demand slumped -13.21% to 3.8M bpd. The market had anticipated a -1.16 mmb decline in inventory. Imports soared +77.54% to 0.25M bpd while production gained +5 % to 5.06M bpd during the week.

Released after market close on Wednesday, the industry- sponsored API estimated that crude oil inventory jumped -6.86 mmb during the week. For refined oil products, gasoline stockpile drew -1.82 mmb while distillate slipped -0.87 mmb.

- advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.