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 13. Crude oil inventory added 1.06 mmb to 417.13 mmb (consensus: -2.5 mmb). Inventories decreased in 4 out of 5 PADDs. Cushing stock dropped -0.65 mmb to 38.68 mmb. Utilization rate slipped -3.9 percentage point to 91.2% while crude production steadied at 12.4M bpd for the week. Crude oil imports gained +0.33M bpd to 7.05M bpd in the week.
Concerning refined oil product inventories, gasoline inventory gained +0.78 mmb to 229.69 mmb as demand plunged -8.85% to 8.94M bpd. The market had anticipated a -0.54 mmb decrease in stockpile. Production fell -8.77% to 9.45 bpd while imports sank -37.14% to 0.5M bpd during the week.
Distillate inventory increased +0.44 mmb to 136.66 mmb. Demand added +1.45% to 3.86M bpd. The market had anticipated a +0.54 mmb increase in inventory. Production dropped -4.34% to 5.11M bpd while imports soared +222.73% to 0.14M bpd during the week.Released after market close on Wednesday, the industry- sponsored API estimated that crude oil inventory added +0.59 mmb during the week. For refined oil products, gasoline stockpile increased +1.6 mmb while distillate gained +0.2 mmb.