The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks dropped -1.01 mmb to 1293.49 mmb in the week ended February 13. Crude oil inventory soared +7.46 mmb (consensus: +2.99 mmb) to 442.47 mmb. Stockpile rose in 4 out of 5 PADDs. Cushing stock added +1.67 mmb to 38.38 mmb. Utilization rate added +0.6 percentage point to 88% while crude production gained +0.1M bpd to 13M bpd for the week. Crude oil imports were up +0.36M bpd to 6.98M bpd in the week.
Concerning refined oil product inventories, gasoline inventory slipped -0.095 mmb to 261.05 mmb as demand dropped -2.36% to 8.72M bpd. The market had anticipated a +0.55 mmb increase in stockpile. Production dropped -6.68% to 9.24 bpd while imports declined -39.94% to 0.41M bpd during the week. Distillate inventory dropped -2.01 mmb to 141.22 mmb. The market had anticipated a -0.56 mmb decrease. Demand fell -9.29% to 3.82 bpd. Production slipped -2.79% to 4.84 mmb while imports plunged -47.42% to 0.1M bpd during the week.
Released after market close on Wednesday, the industry-sponsored API estimated that crude oil inventory jumped +6 mmb during the week. For refined oil products, gasoline stockpile increased +1.1 mmb while distillate dropped -2.3 mmb.
