Wed, Jan 27, 2021 @ 22:22 GMT
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US Oil Inventory Surprisingly Dropped

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks rose 5.04 mmb to 1399.92 mmb in the week ended May 29. Crude oil inventory dropped -2.08 mmb (consensus: +3.04 mmb) to 532.35 mmb. Stockpile fell in 3 out of 5 PADDs. Cushing stock dropped further, by -1.74 mmb, to 51.72 mmb. Utilization rate added +0.5 percentage points to 71.8% while crude production dipped -0.2M bpd to 11.2M bpd for the week. Crude oil imports declined -1.02M bpd to 6.18M bpd in the week. Concerning refined oil product inventories, gasoline inventory gained +2.8 mmb to 257.8 mmb as demand added +4.1% to 7.55M bpd. The market had anticipated a -1 mmb decrease in stockpile. Production added +8.5% to 7.78M bpd while imports soared +167.8% to 0.78M bpd during the week. Distillate inventory soared +9.93 mmb to 174.26 mmb. The market had anticipated a +2.69 mmb increase. Demand plunged -16.8% to 2.72 bpd. Production slipped -1.4% to 4.71 mmb while imports gained +5.2% to 0.16M bpd during the week. Released after market close on Wednesday, the industry-sponsored API estimated that crude oil inventory dropped -0.48 mmb during the week. For refined oil products, gasoline stockpile added +1.71 mmb while distillate rose +5.92 mmb.

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