The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks surged +14.64 mmb to 1270.26 mmb in the week ended May 10. Crude oil inventory rose 5.43 mmb to 472.04 mmb (consensus: -0.8 mmb). While this marks the highest level since 2017, about +1.8 mmb of which was due to the release of the national emergency reserve. Inventories rose in 4 out of 5 PADDs with PADD 3 (Gulf Coast) seen a +2.93 mmb increase. Meanwhile, Cushing stock added +1.81 mmb to 47.8 mmb. Utilization rate added +1.6% to 90.5% while crude production slipped -0.1M bpd to 12.1M bpd for the week. Crude oil imports increased +0.92M bpd to 7.61M bpd in the week.

Concerning refined oil product inventories, gasoline inventory dropped -1.12 mmb to 225.02 mmb as demand slipped -7.32% to 9.15M bpd. The market had anticipated a -0.3 mmb drop in stockpile. Production slipped -2.14% to 9.91 bpd while imports plunged -32.5% to 0.75M bpd during the week. Distillate inventory climbed higher, by +0.08 mmb, to 125.65 mmb. Demand gained +5.08% to 4.09M bpd. The market had anticipated a -1.01 mmb decline in inventory. Imports slumped -63.06% to 0.04M bpd while production gained +3.44% to 5.26M bpd during the week.

Released after market close on Wednesday, the industry- sponsored API estimated that crude oil inventory jumped +8.6 mmb during the week. For refined oil products, gasoline stockpile drew +0.567 mmb while distillate added +2.2 mmb.

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