The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks declined -3.78 mmb to 1303.57 mmb in the week ended July 4. Crude oil inventory slumped -9.5 mmb to 458.99 mmb (consensus: -3.08 mmb). Inventories rose in 4 out of 5 PADDs. Stockpile in PADD3 (Gulf Coast) alone plunged -6.76 mmb during the week. Cushing stock slipped -0.31 mmb to 52.18 mmb. Utilization rate climbed +0.5 percentage point higher to 94.7% while crude production added +0.1M bpd to 12.3M bpd for the week. Crude oil imports dropped -0.28M bpd to 7.3M bpd in the week.

Concerning refined oil product inventories, gasoline inventory declined -1.46 mmb to 229.19 mmb as demand gained +2.76% to 9.75M bpd. The market had anticipated a -1.3 mmb decrease in stockpile. Production added +4.72% to 10.42 bpd while imports jumped +62.5% to 0.87M bpd during the week. Distillate inventory rose +3.73 mmb to 130.52 mmb. Demand fell -7.24% to 3.83M bpd. The market had anticipated a +0.74 mmb increase in inventory. Production added +0.41% to 5.36M bpd while imports soared +84.69% to 0.18M bpd during the week.

Released after market close on Thursday, the industry- sponsored API estimated that crude oil inventory slumped -8.13 mmb during the week. For refined oil products, gasoline stockpile fell -0.26 mmb while distillate gained +3.69.

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