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.