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.
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.