The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks decreased -0.41 mmb to 1316.77 mmb in the week ended June 14. Crude oil inventory fell -3.11 mmb to 482.36 mmb (consensus: -1.08 mmb). Inventories rose in 2 out of 5 PADDs. Stockpile in PADD3 (Gulf Coast) alone sank 5.83 mmb during the week. Cushing stock added +0.64 mmb to 53.58 mmb. Utilization rate climbed +0.7% to 93.9% while crude production slipped -0.1M bpd to 12.2M bpd for the week. Crude oil imports dropped -0.14M bpd to 7.47M bpd in the week.
Concerning refined oil product inventories, gasoline inventory dropped -1.69 mmb to 233.21 mmb as demand added +0.52% to 9.83M bpd. The market had anticipated a +0.94 mmb increase in stockpile. Production rose +0.08% to 10.26 bpd while imports added +19.57% to 0.84M bpd during the week. Distillate inventory slipped -0.56 mmb, to 127.82 mmb. Demand rose +8.18% to 4.06M bpd. The market had anticipated a +0.71 mmb gain in inventory. Production gained +2.52% to 5.37M bpd while imports soared +34.15% to 0.17M bpd during the week.
Released after market close on Thursday, the industry- sponsored API estimated that crude oil inventory dropped -0.81 mmb during the week. For refined oil products, gasoline stockpile added +1.46 mmb while distillate fell -0.05 mmb.