The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks dropped -0.83 mmb to 1288.4 mmb in the week ended October 9. Crude oil inventory added +2.93 mmb to 425.57 mmb (consensus: +1.41 mmb). Inventories jumped +5.64 mmb in PADD 3 (Gulf Coast) alone. Cushing stock added +0.94 mmb to 41.38 mmb. Utilization rate slipped -0.7 percentage point to 85.7% while crude production added +0.2M bpd to 12.6M bpd for the week. Crude oil imports slid -0.07M bpd to 6.22M bpd in the week.
Concerning refined oil product inventories, gasoline inventory dropped -1.21 mmb to 228.76 mmb although demand gained +3.54% to 9.46M bpd. The market had anticipated a -0.26 mmb decrease in stockpile. Production slipped -0.15% to 10.07 bpd while imports slumped -23.84% to 0.64M bpd during the week.
Distillate inventory fell -3.94 mmb to 127.32 mmb. Demand added +1.92% to 4.04M bpd. The market had anticipated a -2.11 mmb decrease in inventory. Production added +0.46% to 4.84M bpd while imports soared +84% to 0.09M bpd during the week.
Released after market close on Wednesday, the industry-sponsored API estimated that crude oil inventory fell -5.97 mmb during the week. For refined oil products, gasoline stockpile drew -3.98 mmb while distillate fell -1.74 mmb.