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.
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.