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US Oil Inventory Stabilized after Weeks of Stockbuilds

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks dropped -1.59 mmb to 1286.81 mmb in the week ended October 18. Crude oil inventory dropped -1.7 mmb to 433.15 mmb (consensus: +2.23 mmb). Inventory in PADD 3 (Gulf Coast) declined 3.71 mmb. Cushing stock added +1.51 mmb to 44.46 mmb. Utilization rate added +2.1 percentage point to 85.2% while crude production steadied at 12.6M bpd for the week. Crude oil imports slipped -0.44M bpd to 5.86M bpd in the week. Concerning refined oil product inventories, gasoline inventory declined -3.11 mmb to 223.09 mmb as demand gained +2.52% to 9.59M bpd. The market had anticipated a -2.27 mmb decrease in stockpile. Production added +1% to 10.1 bpd while imports jumped +7.07% to 0.7M bpd during the week.

 

Distillate inventory plunged -2.72 mmb to 120.79 mmb. Demand declined -6.64% to 4.08M bpd. The market had anticipated a -2.79 mmb decrease in inventory. Production added +1.64% to 4.77M bpd while imports slumped -32.49% to 0.13M bpd during the week.

Released after market close on Wednesday, the industry-sponsored API estimated that crude oil inventory rose +4.45 mmb during the week. For refined oil products, gasoline stockpile drew -0.7 mmb while distillate fell -3.49 mmb.

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