The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks sank -10.14 mmb to 1298.4 mmb in the week ended July 25. Crude oil inventory slumped -8.5 mmb to 436.55 mmb (consensus: -2.59 mmb). Inventories fell in ALL 5 PADDs. Cushing stock dropped -153 mmb to 48.87 mmb. Utilization rate slid -0.1 percentage point to 93% while crude production added +0.9M bpd to 12.2M bpd for the week. Crude oil imports slipped -0.37M bpd to 6.66M bpd in the week.
Concerning refined oil product inventories, gasoline inventory dropped -1.79 mmb to 230.74 mmb although demand slipped -1.18% to 9.56M bpd. The market had anticipated a -1.45 mmb decrease in stockpile. Production gained +3.24% to 10.42 bpd while imports jumped +13.4% to 1.12M bpd during the week. Distillate inventory dropped -0.89 mmb to 135.92 mmb. Demand declined -8.89% to 3.89M bpd. The market had anticipated a +1.05 mmb increase in inventory. Production dropped -1.05% to 5.16M bpd while imports dropped -1.9% to 0.1M bpd during the week.
Released after market close on Thursday, the industry- sponsored API estimated that crude oil inventory fell -6.02 mmb during the week. For refined oil products, gasoline stockpile decreased -3.14 mmb while distillate dropped -0.89 mmb.
US Oil Inventory Extends Recent Decline
