The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks dropped -0.89 mmb to 1294.91 mmb in the week ended January 31. Crude oil inventory gained +3.36 mmb (consensus: +2.83 mmb) to 435.01 mmb. Stockpile in PADD 3 (Gulf Coast) rose +4.92 mmb. Cushing stock added +1.07 mmb to 36.71 mmb. Utilization rate added +0.2 percentage point to 83.45% while crude production slipped -0.1M bpd to 1.29M bpd for the week. Crude oil imports were down -0.045M bpd to 6.62M bpd in the week. Concerning refined oil product inventories, gasoline inventory slipped -0.091 mmb to 261.14 mmb as demand added +1.59% to 8.93M bpd. The market had anticipated a +2.06 mmb increase in stockpile. Production added +2.65% to 9.81 bpd while imports jumped +24.49% to 0.68M bpd during the week. Distillate inventory dropped -1.51 mmb to 143.24 mmb. The market had anticipated a +0.014 mmb increase. Demand gained +7.95% to 4.21 bpd. Production slipped -0.06% to 4.98 mmb while imports rose +59.02% to 0.19M bpd during the week.

Released after market close on Wednesday, the industry-sponsored API estimated that crude oil inventory jumped +4.2 mmb during the week. For refined oil products, gasoline stockpile increased +2 mmb while distillate slipped -1.8 mmb.

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