The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks slumped -7.68 mmb to 1263.33 mmb in the week ended March 13. Crude oil inventory gained +1.95 mmb (consensus: +3.26 mmb) to 453.74 mmb. Stockpile rose in 3 out of 5 PADDs. PADD 3 (Gulf Coast) alone saw a build of 1.72 mmb. Cushing stock added +0. 56 mmb to 38.45 mmb. Utilization rate steadied at 86.4% while crude production added +0.1M bpd to 13.1M bpd for the week. Crude oil imports were up +0.13M bpd to 6.54M bpd in the week.Concerning refined oil product inventories, gasoline inventory plunged -6.18 mmb to 240.82 mmb as demand added +2.61% to 9.696M bpd. The market had anticipated a -2.89 mmb decrease in stockpile. Production dropped -1.58% to 9.83 bpd while imports fell -3.1% to 0.69M bpd during the week. Distillate inventory dropped -2.94 mmb to 125.12 mmb. The market had anticipated a -1.96 mmb decrease. Demand declined -8.75% to 4.01 Mbpd. Production slipped -0.4% to 4.69 mmb while imports fell -14.61% to 0.26M bpd during the week.
Released after market close on Wednesday, the industry-sponsored API estimated that crude oil inventory dropped -0.42 mmb during the week. For refined oil products, gasoline stockpile dived -7.83 mmb while distillate dropped -3.63 mmb.