The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks jumped +10.41 mmb to 1308.82 mmb in the week ended August 2. Crude oil inventory gained +2.39 mmb to 438.93 mmb (consensus: -2.85 mmb). Inventories increased in 3 out of 5 PADDs. PADD 3 (Gulf Coast) alone saw inventory gain of 5.53 mmb. Cushing stock dropped -1.5 mmb to 47.36 mmb. Utilization rate jumped +3.4 percentage point to 96.4% while crude production added +0.1M bpd to 12.2M bpd for the week. Crude oil imports added +0.49M bpd to 7.15M bpd in the week.
Concerning refined oil product inventories, gasoline inventory rose +4.44 mmb to 235.17 mmb although demand gained +0.96% to 9.65M bpd. The market had anticipated a -0.72 mmb decrease in stockpile. Production added +0.05% to 10.42 bpd while imports jumped +8.95% to 1.22M bpd during the week. Distillate inventory added +1.53 mmb to 137.56 mmb. Demand added +0.03% to 3.89M bpd. The market had anticipated a +0.48 mmb increase in inventory. Production rose 2.36% to 5.29M bpd while imports soared +145.63% to 0.25M bpd during the week.
Released after market close on Thursday, the industry- sponsored API estimated that crude oil inventory fell -3.4 mmb during the week. For refined oil products, gasoline stockpile decreased -1.1 mmb while distillate gained +1.2 mmb.