The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks slipped -1.9 mmb to 1294.4 mmb in the week ended January 17. Crude oil inventory dropped -0.41 mmb (consensus: -1.01 mmb) to 428.11 mmb. Stockpile fell in 3 out of 5 PADDs. Cushing stock slipped -0.96 mmb to 34.88 mmb. Utilization rate dropped -1.7 percentage point to 90.5% while crude production steadied at 13M for the week. Crude oil imports were down -0.12M bpd to 6.43M bpd in the week. Concerning refined oil product inventories, gasoline inventory added +1.75 mmb to 260.03 mmb as demand added +1.22% to 8.66M bpd. The market had anticipated a +3.09 mmb increase in stockpile. Production fell -0.93% to 9.52 bpd while imports soared +27.09% to 0.56M bpd during the week. Distillate inventory added +1.19 mmb to 146.04 mmb. The market had anticipated a +1.01 mmb increase. Demand soared +37.8% to 4.39 bpd. Production dropped -4.82% to 4.95 mmb while imports jumped +58.42% to 0.32M bpd during the week.

Released after market close on Wednesday, the industry-sponsored API estimated that crude oil inventory gained +1.57 mmb during the week. For refined oil products, gasoline stockpile soared +4.5 mmb while distillate gained +3.5 mmb.

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