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Home Action Insight Oil N' Gold Both Crude Oil and Gasoline Inventory Fell Last Week

Both Crude Oil and Gasoline Inventory Fell Last Week

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks sank -3.14 mmb to 1295.96 mmb in the week ended September 6. Crude oil inventory declined -6.91 mmb to 416.07 mmb (consensus: -2.69 mmb). Inventories decreased in ALL 5 PADDs. Cushing stock dropped -0.8 mmb to 39.33 mmb. Utilization rate added +0.3 percentage point to 95.1% while crude production steadied at 12.4M bpd for the week. Crude oil imports slipped -0.18M bpd to 6.73M bpd in the week.Concerning refined oil product inventories, gasoline inventory slipped -0.68 mmb to 228.9 mmb as demand gained +3.55% to 9.81M bpd. The market had anticipated a -0.85 mmb decrease in stockpile. Production added +0.86% to 10.36 bpd while imports rose +11.16% to 0.79M bpd during the week.

Distillate inventory increased +2.7 mmb to 136.23 mmb. Demand declined -7.98% to 3.8M bpd. The market had anticipated a +0.0.7 mmb increase in inventory. Production gained +3.63% to 5.34M bpd while imports slumped -64.52% to 0.04M bpd during the week.

Released after market close on Wednesday, the industry- sponsored API estimated that crude oil inventory plummeted -7.23 mmb during the week. For refined oil products, gasoline stockpile declined -4.46 mmb while distillate gained +0.62 mmb.

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