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Home Action Insight Oil N' Gold US Crude Oil Inventory Gained Further, While Petroleum Products Continued to Drop

US Crude Oil Inventory Gained Further, While Petroleum Products Continued to Drop

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.

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