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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