HomeAction InsightOil N' GoldUS Oil Inventory Increased Across the Board

US Oil Inventory Increased Across the Board

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks added +0.15 mmb to 1268.76 mmb in the week ended November 22 . Crude oil inventory added +1.57 mmb to 451.95 mmb (consensus: -0.42 mmb). Inventory gained in 3 out of 5 PADDs. PADD 5 (West Coast) alone saw stock-build of +1.2 mmb. Cushing stock dropped -0.1 mmb to 44.12 mmb. Utilization rate slipped -0.2 percentage point to 89.3% while crude production climbed +0.1M bpd to 12.9M bpd for the week. Crude oil imports added +0.22M bpd to 6.19M bpd in the week.Concerning refined oil product inventories, gasoline inventory jumped +5.13 mmb to 225.98 mmb although demand gained +0.13% to 9.2M bpd. The market had anticipated a +1.22 mmb increase in stockpile. Production added +0.99% to 10.27 bpd while imports declined -24.44% to 0.24M bpd during the week. Distillate inventory added +0.73 mmb to 116.41 mmb. The market had anticipated a +0.75 mmb increase. Demand added +1.62% to 4.39M bpd. Production slid -0.96% to 5.08 mmb while imports fell -24.44% to 0.24M bpd during the week.Released after market close on Wednesday, the industry-sponsored API estimated that crude oil inventory gained +3.6 mmb during the week. For refined oil products, gasoline stockpile increased +4.3 mmb while distillate fell -0.67 mmb.

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