HomeAction InsightOil N' GoldUS Crude Oil Inventory Jumped amidst Price Selloff

US Crude Oil Inventory Jumped amidst Price Selloff

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks slumped -7.58 mmb to 1271.01 mmb in the week ended March 6. Crude oil inventory soared +7.66 mmb (consensus: +2.27 mmb) to 451.78 mmb. Stockpile rose in 3 out of 5 PADDs. PADD 3 (Gulf Coast) alone saw huge build of 6.12 mmb. Cushing stock added +0.7 mmb to 37.88 mmb. Utilization rate slipped -0.5 percentage point to 86.4% while crude production dropped -0.1M bpd to 13M bpd for the week. Crude oil imports were up +0.17M bpd to 6.41M bpd in the week.

Concerning refined oil product inventories, gasoline inventory fell -5.05 mmb to 247 mmb as demand added +2.86% to 8.72M bpd. The market had anticipated a +0.55 mmb increase in stockpile. Production gained +2.93% to 9.99 bpd while imports soared +38.97% to 0.71M bpd during the week. Distillate inventory declined -6.4 mmb to 128.06 mmb. The market had anticipated a -1.91 mmb decrease. Demand rose +12.22% to 4.4 Mbpd. Production added +1.23% to 4.71 mmb while imports surged +146.4% to 0.31M bpd during the week.

Released after market close on Wednesday, the industry-sponsored API estimated that crude oil inventory jumped +6.4 mmb during the week. For refined oil products, gasoline stockpile decreased +3.1 mmb while distillate dropped -4.7 mmb.

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