The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks dropped -0.85 mmb to 1296.69 mmb in the week ended September 27. Crude oil inventory added +3.1 mmb to 422.64 mmb (consensus: +1.57 mmb). Inventories increased in 3 out of 5 PADDs. Cushing stock dropped -0.2 mmb to 40.74 mmb. Utilization rate slipped -3.4 percentage point to 86.4% while crude production dropped -0.1M bpd to 12.4M bpd for the week. Crude oil imports slid -0.09M bpd to 6.29M bpd in the week.

Concerning refined oil product inventories, gasoline inventory dipped -0.23 mmb to 229.98 mmb although demand dropped -2.24% to 9.1M bpd. The market had anticipated a +0.45 mmb increase in stockpile. Production added +0.16% to 10.05 bpd while imports gained +5.38% to 0.84M bpd during the week.

Distillate inventory decreased -2.42 mmb to 131.27 mmb. Demand added +1.62% to 3.96M bpd. The market had anticipated a +1.79 mmb decrease in inventory. Production dropped -3.74% to 4.81M bpd while imports plunged -46.81% to 0.05M bpd during the week.

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Released after market close on Wednesday, the industry- sponsored API estimated that crude oil inventory declined +-5.92 mmb during the week. For refined oil products, gasoline stockpile increased +2.13 mmb while distillate fell -1.74 mmb.

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