The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks surged +21.04 mmb to 1286.82 mmb in the week ended April 3. Crude oil inventory soared +15.18 mmb (consensus: +9.27 mmb) to 484.37 mmb. Stockpile rose in ALL PADDs. PADD 2 (Midwest) saw +7.36 mmb gain while PADD 3 (Gulf Coast) saw a build of 5.34 mmb. Cushing stock gained +6.42 mmb to 49.24 mmb. Utilization rate declined -6.7 percentage points to 75.6% while crude production declined -1.26M bpd to 13.63M bpd for the week. Crude oil imports were slipped -0.17M bpd to 5.87M bpd in the week.
Released after market close on Wednesday, the industry-sponsored API estimated that crude oil inventory soared +11.9 mmb during the week. For refined oil products, gasoline stockpile surged +9.5 mmb while distillate plunged -0.18 mmb.