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.