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.