Mon, Aug 02, 2021 @ 06:34 GMT
HomeAction InsightOil N' GoldUS Crude Oil Inventory Declined Further. Distillate Stockpile Dived on Demand Recovery

US Crude Oil Inventory Declined Further. Distillate Stockpile Dived on Demand Recovery

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.

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