The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks dived -7.48 mmb to 1421.68 mmb in the week ended September 18. Crude oil inventory dropped -1.64 mmb (consensus: +2.33 mmb) to 494.41 mmb. Stockpile decreased in 3 out of 5 PADDs. PADD 3 (Gulf Coast) inventory alone was down -1.62 mmb during the week. Cushing stock added +0.004 mmb to 54.28 mmb. Utilization rate slipped -1 percentage point to 74.8% while crude production dropped -0.2M bpd to 10.7M bpd for the week. Crude oil imports increased +0.16 bpd to 5.17M bpd in the week.
Concerning refined oil product inventories, gasoline inventory plunged -4.03 mmb to 227.5 mmb as demand added +0.99% to 8.48M bpd. The market had anticipated a -0.65 mmb decrease in stockpile. Production rose +5.62% to 9.32M bpd while imports plunged -21% to 0.47M bpd during the week. Distillate fell -3.36 mmb to 175.94 mmb. The market had anticipated a +1.02 mmb increase. Demand soared +40.94% to 3.96M bpd. Production added +1.52% to 4.47 mmb while imports jumped +21.3% to 0.14M bpd during the week.
A day earlier, the industry-sponsored API estimated that crude oil inventory added +0.69 mmb during the week. For refined oil products, gasoline inventory slumped -7.74 mmb while that for distillate was down -2.1 mmb.