The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks increased +2.47 mmb to 1307.35 mmb in the week ended June 27. Crude oil inventory fell -1.09 mmb to 468.49 mmb (consensus: -2.96 mmb). Inventories rose in 4 out of 5 PADDs. Stockpile in PADD5 (West Coast) alone dropped -2.1 mmb during the week. Cushing stock added +0.65 mmb to 52.49 mmb. Utilization rate steadied at 94.2% while crude production added +0.1M bpd to 12.2M bpd for the week. Crude oil imports gained +0.93M bpd to 7.59M bpd in the week.
Concerning refined oil product inventories, gasoline inventory declined -1.58 mmb to 230.64 mmb as demand gained +0.27% to 9.49M bpd. The market had anticipated a -2.17 mmb decrease in stockpile. Production dropped -2.61% to 10.14 bpd while imports plunged -34.31% to 0.54M bpd during the week. Distillate inventory added +1.41 mmb to 126.79 mmb. Demand dropped -3.53% to 3.83M bpd. The market had anticipated a -1 mmb declined in inventory. Production added +0.58% to 5.34M bpd while imports soared +196.97% to 0.1M bpd during the week.
Released after market close on Thursday, the industry- sponsored API estimated that crude oil inventory slumped -5 mmb during the week. For refined oil products, gasoline stockpile fell -0.39 mmb while distillate dropped -1.7 mmb.
US Crude Oil Inventory Continued To Drop
