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Home Action Insight Oil N' Gold US Oil Inventory Climbed Higher Across the Board, After Weeks of Withdrawal

US Oil Inventory Climbed Higher Across the Board, After Weeks of Withdrawal

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.

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