The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks added +1 mmb to 1295.4 mmb in the week ended January 24. Crude oil inventory gained +3.55 mmb (consensus: +0.48 mmb) to 431.65 mmb. Stockpile rose in 4 out of 5 PADDs. Cushing stock added +0.76 mmb to 35.64 mmb. Utilization rate dropped -3.3 percentage point to 87.2% while crude production steadied at 13M for the week. Crude oil imports were up +0.23M bpd to 6.66M bpd in the week.
Concerning refined oil product inventories, gasoline inventory added +1.2 mmb to 261.24 mmb as demand added +1.51% to 8.79M bpd. The market had anticipated a +1.32 mmb increase in stockpile. Production added +0.38% to 9.56 bpd while imports dropped -3.55% to 0.54M bpd during the week. Distillate inventory dropped -1.29 mmb to 144.75 mmb. The market had anticipated a +1.11 mmb increase. Demand gained +7.67% to 1.67 bpd. Production added +0.5% to 4.98 mmb while imports slumped -61.88% to 0.12M bpd during the week.
Released after market close on Wednesday, the industry-sponsored API estimated that crude oil inventory declined -4.27 mmb during the week. For refined oil products, gasoline stockpile increased +3.27 mmb while distillate slipped -0.14 mmb.