The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks fell -2.89 mmb to 1267 mmb in the week ended December 27. Crude oil inventory slumped -11.46 mmb (consensus: -3.29 mmb). Inventory declined in 4 out of 5 PADDs. PADD 3 (Gulf Coast) alone saw a huge withdrawal of -11.1 mmb. Cushing stock dropped -1.45 mmb to 36.32 mmb. Utilization rate added +1.2 percentage point to 94.5% while crude production steadied at 12.9M for the week. Crude oil imports dropped -0.46M bpd to 6.35M bpd in the week. Concerning refined oil product inventories, gasoline inventory gained +3.21 mmb to 242.47 mmb as demand dropped -3.7% to 8.96M bpd. The market had anticipated a +1.82 mmb increase in stockpile. Production slipped -0.9% to 10.17 bpd while imports plunged -20.4% to 0.47M bpd during the week. Distillate inventory soared +8.78 mmb to 133.72 mmb. The market had anticipated a +1.12 mmb increase. Demand plunged -27.5% to 3.06 bpd. Production slipped -1.5% to 5.31 mmb while imports declined -26.2% to 0.18M bpd during the week.

Released after market close on Wednesday, the industry-sponsored API estimated that crude oil inventory fell -7.8 mmb during the week. For refined oil products, gasoline stockpile dropped -0.78 mmb while distillate added +2.8 mmb.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.