HomeAction InsightOil N' GoldUS Crude Inventory Surprisingly Increased, while Petroleum Product Stocks Declined

US Crude Inventory Surprisingly Increased, while Petroleum Product Stocks Declined

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks rose +7.09 mmb to 1446.72 mmb in the week ended June 12. Crude oil inventory added +1.22 mmb (consensus: -0.15 mmb) to 538.07 mmb. Stockpile fell in 2 out of 5 PADDs. PADD 3 (Gulf Coast) alone saw +3.81 rise in stockpile. Cushing stock dropped further, by -2.61 mmb, to 46.84 mmb. Utilization rate added +0.7 percentage points to 73.8% while crude production dipped -0.6M bpd to 10.5M bpd for the week. Crude oil imports slipped -0.22M bpd to 6.64M bpd in the week.

Concerning refined oil product inventories, gasoline inventory slipped -1.67 mmb to 257 mmb although demand dipped -0.38% to 7.87M bpd. The market had anticipated a -0.02 mmb decrease in stockpile. Production added +2.67% to 8.36M bpd while imports plunged -15.74% to 0.53M bpd during the week. Distillate inventory dropped -1.36 mmb to 174.47 mmb. The market had anticipated a +2.43 mmb increase. Demand gained +7.66% to 3.56 bpd. Production dropped -5.54% to 4.5 mmb while imports dropped -7.91% to 0.16M bpd during the week.

Released after market close on Wednesday, the industry-sponsored API estimated that crude oil inventory gained +3.86 mmb during the week. For refined oil products, gasoline and distillate inventories also gained +4.27 mmb and +0.92 mmb, respectively.

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