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US Crude Oil Inventory Jumped Much More Than Expected, Paring Price Rally on Venezuelan Turmoil

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks surged +12.73  mmb to 1257.33 mmb in the week ended April 26. Crude oil inventory soared +9.93 mmb to 470.57 mmb (consensus: +1.49 mmb). Inventories rose in 3 out of 5 PADDs with PADD 3 (Gulf Coast) seen a +9.17 mmb increase. Meanwhile, Cushing stock added +0.27 mmb to 45.18 mmb. Utilization rate slipped -0.9% to 89.2% while crude production gained +0.1M bpd to 12.3M bpd for the week. Crude oil imports increased +0.27M bpd to 7.41M bpd in the week.

Concerning refined oil product inventories, gasoline inventory gained +0.92 mmb to 226.74 mmb as demand slipped -192% to 9.23M bpd. The market had anticipated a -1.01 mmb drop in stockpile. Production slipped -0.4% to 9.93 bpd while imports plunged -14.92% to 0.77M bpd during the week. Distillate inventory fell -1.31mb to 125.72 mmb. Demand jumped 11.04% to 4.22M bpd. The market had anticipated a -0.19 mmb decline in inventory. Imports slumped -74.29% to 0.06M bpd while production gained +1.26 % to 5.13M bpd during the week.

Released after market close on Wednesday, the industry- sponsored API estimated that crude oil inventory jumped -6.81 mmb during the week. For refined oil products, gasoline stockpile drew -1.1mmb while distillate declined -2.1 mmb.

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