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 August 12. Crude oil inventory declined -4.51 mmb (consensus: -2.88 mmb) to 514.08 mmb. Stockpile fell in 2 out of 5 PADDs. PADD 3 (Gulf Coast) inventory alone plunged -6.71 mmb during the week. Cushing stock added +1.34 mmb to 53.29 mmb. This marks the sixth straight week of stock-build. Utilization rate added +1.4 percentage points to 81% while crude production slipped -0.3M bpd to 10.7M bpd for the week. Crude oil imports dropped -0.39 bpd to 5.62M bpd in the week.
Concerning refined oil product inventories, gasoline inventory slipped -0.72 mmb to 247.08 mmb as demand rose +3.09% to 8.88M bpd. The market had anticipated a -0.67 mmb decrease in stockpile. Production gained +3.23% to 9.6M bpd while imports surged +55.71% to 1.02M bpd during the week. Distillate dropped -2.32 mmb to 177.66 mmb. The market had anticipated a +0.36 mmb increase. Demand gained +4.38% to 3.86M bpd. Production dropped -2.44% to 4.79 mmb while imports jumped +12.98% to 0.15M bpd during the week.
Released after market close on Wednesday, the industry-sponsored API estimated that crude oil inventory declined -4.4 mmb during the week. For refined oil products, gasoline inventory dropped -1.3mb while that for distillate was down -2.9 mmb.
