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US Crude Oil Inventory Gained Last Week, In Contrast to API’s Estimate of Sharp Fall

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.

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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