Sun, Jan 17, 2021 @ 12:24 GMT
Home Action Insight Oil N' Gold US Crude Oil and Petroleum Inventory Rose as Oil Prices Picked Up

US Crude Oil and Petroleum Inventory Rose as Oil Prices Picked Up

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks soared +19.93 mmb to 1373.89 mmb in the week ended December 9. Crude oil inventory rose 15.19 mmb (consensus: -1.42 mmb) to 503.23 mmb. Stockpile increased in 4 out of 5 PADDs. PADD 3 (Gulf Coast) alone saw +11.79 mmb surge in stockpile. Cushing stock declined -1.36 mmb to 58.21 mmb. Utilization rate increased +1.7 percentage point to 79.9% while crude production steadied at 11.1M bpd for the week. Crude oil imports gained +1.08M bpd to 6.48M bpd in the week.

Concerning refined oil product inventories, gasoline inventory rose +4.22 mmb to 237.86 mmb as demand dropped -4.7% to 7.6M bpd. The market had anticipated a +2.27 mmb increase in stockpile. Production dropped -2.8% to 8.34M bpd while imports fell -29.2% to 0.79M bpd during the week. Distillate jumped +5.22 mmb to 151.09 mmb. The market had anticipated a +1.41 mmb decrease. Demand declined -10.6% to 3.39M bpd. Production added +1.8% to 4.67 mmb while imports plunged -54.6% to 0.28M bpd during the week. A day earlier, the industry-sponsored API estimated that crude oil inventory gained +1.14 mmb. Gasoline stockpiled jumped 6.44 mmb while that for distillate was up +2.32 mmb.

Featured Analysis

Learn Forex Trading

Risk and Reward

Demo Trading vs. Live Trading

Non-Farm Payrolls Explained

Make An Honest Self Appraisal