The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks soared +17.22 mmb to 1281.05 mmb in the week ended December 6. Crude oil inventory increased +0.82 mmb (consensus: -2.76 mmb). Inventory gained in 3 out of 5 PADDs. PADD 3 (Gulf Coast) alone saw increase of +5.43 mmb. Cushing stock declined -3.39 mmb to 40.43 mmb. Utilization rate dropped -1.3 percentage point to 90.6% while crude production slipped -0.1M bpd to 12.9M bpd for the week. Crude oil imports rose +0.9M bpd to 6.89M bpd in the week.Concerning refined oil product inventories, gasoline inventory jumped +5.41 mmb to 234.77 mmb as demand dropped -1.66% to 8.88M bpd. The market had anticipated a +2.53 mmb increase in stockpile. Production fell -2.58% to 9.7 bpd while imports jumped +45.11% to 0.58M bpd during the week. Distillate inventory added +4.12 mmb to 123.59 mmb. The market had anticipated a +1.63 mmb increase. Demand added +4.92% to 3.73 bpd. Production slipped -0.67% to 5.23 mmb while imports gained +13.29% to 0.16M bpd during the week.Released after market close on Wednesday, the industry-sponsored API estimated that crude oil inventory added +1.41 mmb during the week. For refined oil products, gasoline stockpile jumped +4.9 mmb while distillate gained +3.2 mmb.


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