The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks plunged -10.16 mmb to 1354.91 mmb in the week ended November 13. Crude oil inventory gained +0.77 mmb (consensus: +1.65 mmb) to 489.48 mmb. Stockpile increased in 3 out of 5 PADDs. However, PADD5 (West Coast) inventory fell -3.8 mmb during the week. Cushing stock added +1.2 mmb to 61.61 mmb. Utilization rate increased +2.9 percentage points to 77.4% while crude production added +0.4M bpd steadied at 10.9M bpd for the week. Crude oil imports slipped -0.25M bpd to 5.25M bpd in the week.
Concerning refined oil product inventories, gasoline inventory rose +2.61 mmb to 227.97 mmb as demand declined -5.75% to 8.26M bpd. The market had anticipated a +0.09 mmb increase in stockpile. Production dipped -2.74% to 9.06M bpd while imports rose +17.78% to 0.53M bpd during the week. Distillate dropped -5.22 mmb to 144.07 mmb. The market had anticipated a -1.46 mmb decrease. Demand climbed +4.22% to 4.22M bpd. Production added +0.9% to 4.28 mmb while imports soared +117.56% to 0.29M bpd during the week.
A day earlier, the industry-sponsored API estimated that crude oil inventory rose 4.17 mmb during the week. For refined oil products, gasoline inventory added +0.26 mmb while that for distillate was down -5.02 mmb.