The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks surged +14.77 mmb to 1287.84 mmb in the week ended January 3. Crude oil inventory gained +1.16 mmb (consensus: -3.57 mmb) to 431.06 mmb. Inventory in PADD 3 (Gulf Coast) fell -2.14 mmb. Cushing stock dropped -0.82 mmb to 35.5 mmb. Utilization rate dropped -1.5 percentage point to 93% while crude production steadied at 12.9M for the week. Crude oil imports gained +0.38M bpd to 6.73M bpd in the week.
Concerning refined oil product inventories, gasoline inventory jumped +9.14 mmb to 251.61 mmb as demand fell -9.24% to 8.13M bpd. The market had anticipated a +2.65 mmb increase in stockpile. Production plunged 9.12% to 9.04 bpd while imports slumped -15.22% to 0.4M bpd during the week. Distillate inventory rose +5.33 mmb to 139.05 mmb. The market had anticipated a +3.87 mmb increase. Demand soared +10.4% to 3.37 bpd. Production slipped -0.02% to 5.31 mmb while imports jumped +37.7% to 0.25M bpd during the week.Released after market close on Wednesday, the industry-sponsored API estimated that crude oil inventory fell -5.95 mmb during the week. For refined oil products, gasoline stockpile soared +6.7 mmb while distillate gained +6.4 mmb.