Thu, Jan 21, 2021 @ 17:50 GMT
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US Crude Oil Inventory Fell For First Time in Three Weeks

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.

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