The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks decreased -11.89 mmb to 1304.89 mmb in the week ended June 21. Crude oil inventory slumped -12.79 mmb to 469.58 mmb (consensus: -2.54 mmb). Inventories rose in ALL 5 PADDs. Stockpile in PADD3 (Gulf Coast) alone sank -6.26 mmb during the week. Cushing stock dropped -1.75 mmb to 51.84 mmb. Utilization rate climbed +0.3% to 94.2% while crude production slipped -0.1M bpd to 12.1M bpd for the week. Crude oil imports dropped -0.81M bpd to 6.66M bpd in the week. The front-month WTI crude oil price rallied to the highest level in a month before pulling back.
Concerning refined oil product inventories, gasoline inventory declined -1 mmb to 232.23 mmb although demand sank -4.65% to 9.47M bpd. The market had anticipated a +0.29 mmb increase in stockpile. Production rose +1.52% to 10.41 bpd while imports dropped -2.51% to 0.82M bpd during the week. Distillate inventory plunged -2.44 mmb, to 125.38 mmb. Demand dropped -2.29% to 3.97M bpd. The market had anticipated a +0.52 mmb gain in inventory. Production slipped -1.23% to 5.31M bpd while imports slumped -80% to 0.03M bpd during the week.Released after market close on Thursday, the industry- sponsored API estimated that crude oil inventory slumped -7.5 mmb during the week. For refined oil products, gasoline stockpile fell -3.2 mmb while distillate added +0.16 mmb.