The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks plunged -16.8 mmb to 1402.34 mmb in the week ended October 9. Crude oil inventory fell -3.82 mmb (consensus: -2.84 mmb) to 489.11 mmb. Stockpile gained in 3 out of 5 PADDs. However, PADD 3 (Gulf Coast) inventory alone declined -5.12 mmb during the week. Cushing stock added +2.91 mmb to 59.44 mmb. Utilization rate dropped -2 percentage point to 75.1% while crude production slipped -0.5M bpd to 10.5M bpd for the week. Crude oil imports decreased -0.45 bpd to 5.29M bpd in the week.
Concerning refined oil product inventories, gasoline inventory slipped -1.63 mmb to 225.12 mmb although demand dropped -3.6% to 8.58M bpd. The market had anticipated a -1.61 mmb decrease in stockpile. Production dropped -2.96% to 9.24M bpd while imports dived -53.12% to 0.4M bpd during the week. Distillate plunged -7.25 mmb to 164.55 mmb. The market had anticipated a -2.1 mmb decrease. Demand jumped +7.94% to 4.18M bpd. Production dipped -5.8% to 4.27 mmb while imports slumped -30.43% to 0.16M bpd during the week.
A day earlier, the industry-sponsored API estimated that crude oil inventory declined -5.42 mmb during the week. For refined oil products, gasoline inventory dropped -1.53 mmb while that for distillate was down -3.93 mmb.