The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks soared +8.82 mmb to 1461.16 mmb in the week ended July 17. Crude oil inventory gained +4.89 mmb (consensus: -2.09 mmb) to 536.58 mmb. Stockpile increased in 3 out of 5 PADDs. PADD 3 (Gulf Coast) inventory alone rose +4.85 mmb during the week. Cushing stock increased further, by +1.38 mmb, to 50.11 mmb. This marks the third straight week of stock-build. Utilization rate slipped -0.2 percentage points to 77.9% while crude production climbed +0.1M bpd higher to 11.1M bpd for the week. Crude oil imports gained +0.37M bpd to 5.94M bpd in the week.
Concerning refined oil product inventories, gasoline inventory declined -1.8 mmb to 246.73 mmb although demand dropped -1.13% to 8.55M bpd. The market had anticipated a -1.39 mmb decrease in stockpile. Production added +0.25% to 8.93M bpd while imports sjumped +9.94% to 0.54M bpd during the week. Distillate added +1.07 mmb to 177.88 mmb. The market had anticipated a -0.62 mmb decrease. Demand plunged -12.7% to 3.22M bpd. Production dropped -2% to 4.76 mmb while imports slumped -47.47% to 0.05M bpd during the week.
Released after market close on Wednesday, the industry-sponsored API estimated that crude oil inventory soared +7.54 mmb during the week. For refined oil products, gasoline inventory dropped -2.02 mmb while that for distillate was down -1.36 mmb.