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US Crude Oil Inventory Resumed Decline

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks soared +4 mmb to 1315.23 mmb in the week ended August 16. Crude oil inventory declined -2.73mmb to 437.78 mmb (consensus: -1.89 mmb). Inventories decreased in 3 out of 5 PADDs. PADD 2 (Midwest) alone saw inventory draw of -2.64 mmb. Cushing stock dropped -2.49 mmb to 42.34 mmb. Utilization rate added +1.1 percentage point to 95.9% while crude production steadied at 12.3M bpd for the week. Crude oil imports slipped -0.5M bpd to 7.22M bpd in the week.

Concerning refined oil product inventories, gasoline inventory added +0.31 mmb to 234.07 mmb as demand dropped -3.08% to 9.63M bpd. The market had anticipated a +0.17 mmb increase in stockpile. Production dropped -3% to 9.9 bpd while imports jumped +10.81% to 0.89M bpd during the week. Distillate inventory rose +2.61 mmb to 138.12 mmb. Demand slipped -2.62% to 3.76M bpd. The market had anticipated a +0.31 mmb increase in inventory. Production rose +5.18% to 5.34M bpd while imports soared +66.67% to 0.21M bpd during the week.

Released after market close on Wednesday, the industry- sponsored API estimated that crude oil inventory declined -3.5 mmb during the week. For refined oil products, gasoline stockpile decreased -0.4 mmb while distillate added +1.8 mmb.

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