The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks sank -4.95 mmb to 1299.1 mmb in the week ended August 30. Crude oil inventory declined -4.77 mmb to 422.98 mmb (consensus: -2.49 mmb). Inventories decreased in ALL 5 PADDs. PADD (Gulf Coast) alone saw inventory draw of -3.64 mmb. Cushing stock dropped -0.23 mmb to 40.13 mmb. Utilization rate dropped -0.4 percentage point to 94.8% while crude production slipped -0.1M bpd to 12.4M bpd for the week. Crude oil imports gained +0.98M bpd to 6.9M bpd in the week.
Concerning refined oil product inventories, gasoline inventory slipped -2.4 mmb to 229.59 mmb although demand dropped -4.33% to 9.47M bpd. The market had anticipated a -1.52 mmb decrease in stockpile. Production fell -3.64% to 10.27 bpd while imports jumped +52.88% to 0.97M bpd during the week.
Distillate inventory decreased -2.54 mmb to 133.52 mmb. Demand added +2.12% to 4.13M bpd. The market had anticipated a +0.48 mmb increase in inventory. Production slid -0.75% to 5.15M bpd while imports were down -0.79% to 0.13M bpd during the week.
Released after market close on Thursday, the industry- sponsored API estimated that crude oil inventory gained +0.4 mmb during the week. For refined oil products, gasoline stockpile decreased -1.6 mmb while distillate fell -1.2 mmb.