The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks added +2.41 mmb to 1311.22 mmb in the week ended August 9. Crude oil inventory gained +1.58 mmb to 440.51 mmb (consensus: -2.78 mmb). Inventories increased in 4 out of 5 PADDs. PADD 4 (West Coast) alone saw inventory gain of +2.2 mmb. Cushing stock dropped -2.54 mmb to 44.82 mmb. Utilization rate dropped -1.6 percentage point to 94.8% while crude production steadied at 12.3M bpd for the week. Crude oil imports added +0.57M bpd to 7.11M bpd in the week.
Concerning refined oil product inventories, gasoline inventory dropped -1.41 mmb to 233.76 mmb as demand gained +2.91% to 9.93M bpd. The market had anticipated a +0.03 mmb increase in stockpile. Production dropped -2.09% to 10.2 bpd while imports plunged -33.85% to 0.805M bpd during the week. Distillate inventory declined -1.94 mmb to 135.51 mmb. Demand slipped -0.69% to 3.86M bpd. The market had anticipated a +0.99 mmb increase in inventory. Production dropped -3.95% to 5.08M bpd while imports declined -50.2% to 0.13M bpd during the week.
Released after market close on Thursday, the industry- sponsored API estimated that crude oil inventory rose +3.7 mmb during the week. For refined oil products, gasoline stockpile increased +3.7 mmb while distillate dropped -1.3 mmb.
US Crude Inventory Gained While Refined Product Stockpile Declined
