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US Crude Inventory Saw Biggest Decline since Early January

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks added +1.12 mmb to 1451.78 mmb in the week ended June 26. Crude oil inventory plunged -7.2 mmb (consensus: -0.71 mmb) to 533.53 mmb. The size of the fall is the largest since the first week of January. Stockpile rose in 4 out of 5 PADDs. PADD 3 (Gulf Coast) inventory fell -4.03 mmb during the week. Cushing stock dropped further, by -0.26 mmb, to 45.58 mmb. Utilization rate added +0.9 percentage points to 75.5% while crude production steadied at 11M bpd for the week. Crude oil imports dropped -0.57M bpd to 5.97M bpd in the week. Concerning refined oil product inventories, gasoline inventory gained +1.2 mmb to 256.52 mmb as demand slipped -0.55% to 8.56M bpd. The market had anticipated a -1.58 mmb decrease in stockpile. Production dropped -1.52% to 8.81M bpd while imports jumped +43.61% to 1.01M bpd during the week. Distillate inventory slipped -0.59 mmb to 174.12 mmb. The market had anticipated a -0.39 mmb decrease. Demand jumped +9% to 3.79 bpd. Production added +1.38% to 4.62 mmb while imports soared +95.65% to 0.14M bpd during the week.

Released after market close on Wednesday, the industry-sponsored API estimated that crude oil inventory sank -8.16 mmb during the week. For refined oil products, gasoline inventory dropped -2.46 mmb while distillate added +2.64 mmb.

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