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 19. Crude oil inventory added +1.44 mmb (consensus: +0.3 mmb) to 540.72 mmb. Stockpile rose in 3 out of 5 PADDs. Cushing stock dropped further, by -0.99 mmb, to 45.85 mmb. Utilization rate added +0.8 percentage points to 74.6% while crude production added +0.5M bpd to 11M bpd for the week. Crude oil imports slipped -0.1M bpd to 6.54M bpd in the week.
Released after market close on Wednesday, the industry-sponsored API estimated that crude oil inventory gained +1.75 mmb during the week. For refined oil products, gasoline and distillate inventories also dropped -3.86 mmb and -2.61 mmb, respectively.