HomeAction InsightOil N' GoldUS Crude Oil Inventory Dropped Modestly, While Production Built Further

US Crude Oil Inventory Dropped Modestly, While Production Built Further

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks declined -1.57 mmb to 1285.49 mmb in the week ended May 24. Crude oil inventory slipped -0.28 mmb to 476.49 mmb (consensus: -0.86 mmb). Inventories rose in 3 out of 5 PADDs. Yet, stockpile at PADD 5 (West Coast) declined -1.08 mmb. Meanwhile, Cushing stock dropped -0.02 mmb to 49.05 mmb. Utilization rate gained +1.3% to 91.2% while crude production added +0.1M bpd to 12.3M bpd for the week. Crude oil imports fell -0.08M bpd to 6.86M bpd in the week.

Concerning refined oil product inventories, gasoline inventory gained +2.2 mmb to 230.94 mmb as demand dropped -0.37% to 9.39M bpd. The market had anticipated a -0.53 mmb drop in stockpile. Production dropped -2.77%% to 10 bpd while imports plunged -19.48% to 1.09M bpd during the week. Distillate inventory dropped -1.62 mmb, to 124.8 mmb. Demand soared +13.1% to 4.28M bpd. The market had anticipated a -0.5 mmb decline in inventory. Imports soared +73.53% to 5.18M bpd while production slumped 73.53% to 0.18M bpd during the week.

Released after market close on Thursday, the industry- sponsored API estimated that crude oil inventory declined -5.27 mmb during the week. For refined oil products, gasoline stockpile added +2.71 mmb while distillate dropped -2.14 mmb.

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