The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks fell -6.687 mmb to 1308.54 mmb in the week ended July 19. Crude oil inventory slumped -10.84 mmb to 445.04 mmb (consensus: -4.01 mmb). Inventories fell in 4 out of 5 PADDs. Stockpile in PADD3 (Gulf Coast) alone sank 7.94 mmb during the week. Cushing stock slipped -0.43 mmb to 50.4 mmb. Utilization rate dropped -1.3 percentage point to 93.1% while crude production slipped -0.7M bpd to 11.3M bpd for the week. Crude oil imports added +0.2M bpd to 7.03M bpd in the week.
Concerning refined oil product inventories, gasoline inventory dropped -0.23 mmb to 232.53 mmb as demand gained +4.98% to 9.67M bpd. The market had anticipated a -0.73 mmb decrease in stockpile. Production added +2.37% to 10.09 bpd while imports jumped +15.61% to 0.99M bpd during the week. Distillate inventory gained +0.61 mmb to 136.82 mmb. Demand rose +19.61% to 4.26M bpd. The market had anticipated a +0.5 mmb increase in inventory. Production dropped -2.65% to 5.22M bpd while imports slumped -20.45% to 0.11M bpd during the week.
Released after market close on Thursday, the industry- sponsored API estimated that crude oil inventory slumped -10.96 mmb during the week. For refined oil products, gasoline stockpile increased +4.44 mmb while distillate gained +1.42 mmb.
