The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks rose another week, by +9.56 mmb to 1317.18 mmb in the week ended June 7. Crude oil inventory gained +2.21 mmb to 485.47 mmb (consensus: -0.48 mmb). Inventories rose in 3 out of 5 PADDs. Stockpile in PADD2 (Midwest) alone gained +1.9 mmb during the week. Utilization rate climbed +1.4% to 93.2% while crude production slipped -0.1M bpd to 12.3M bpd for the week. Crude oil imports dropped -0.32M bpd to 7.61M bpd in the week.
Concerning refined oil product inventories, gasoline inventory gained +0.76 mmb to 234.91 mmb although demand jumped +4.62% to 9.88M bpd. The market had anticipated a +0.74 mmb increase in stockpile. Production rose +1.29% to 10.25 bpd while imports plunged -36.07% to 0.7M bpd during the week. Distillate inventory declined -1 mmb, to 128.37 mmb. Demand spared +28.96% to 4.37M bpd. The market had anticipated a +1.14 mmb gain in inventory. Production fell -3.05% to 5.24M bpd while imports gained +8.85% to 0.12M bpd during the week.
Released after market close on Thursday, the industry- sponsored API estimated that crude oil inventory rose +4.85 mmb during the week. For refined oil products, gasoline stockpile added +0.83mmb while distillate fell -3.46 mmb.
