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.