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US Crude Oil Inventory Sank for Second Consecutive Week, While Refined Product Stocks Increased

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks fell -2.11 mmb to 1452.57 mmb in the week ended July 31. Crude oil inventory declined -7.37 mmb (consensus: -3 mmb) to 518.6 mmb. Stockpile fell in 3 out of 5 PADDs. PADD 3 (Gulf Coast) inventory alone slumped -7.39 mmb during the week. Cushing stock rose +0.53 mmb to 51.95 mmb. This marks the fifth straight week of stock-build. Utilization rate added +0.1 percentage points to 79.6% while crude production slipped -0.1M bpd to 11M bpd for the week. Crude oil imports gained +0.86 bpd to 6.01M bpd in the week.Concerning refined oil product inventories, gasoline inventory edged higher, by +0.42 mmb, to 247.81 mmb as demand dropped -2.18% to 8.62M bpd. The market had anticipated a -0.17 mmb decrease in stockpile. Production added +1.55% to 9.3M bpd while imports fell -28.9% to 0.66M bpd during the week. Distillate gained +1.59 mmb to 179.98 mmb. The market had anticipated a +0.28 mmb increase. Demand added +1.79% to 3.7M bpd. Production rose +2.63% to 4.91 mmb while imports declined -11.49% to 0.13M bpd during the week. Released after market close on Wednesday, the industry-sponsored API estimated that crude oil inventory sank -8.59 mmb during the week. For refined oil products, gasoline inventory dropped -1.75 mmb while that for distillate was up +3.82 mmb.

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