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.