The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks fell -6.24 mmb to 1367.64 mmb in the week ended December 11. Crude oil inventory fell -3.14 mmb (consensus: -1.94 mmb) to 500.1 mmb. Stockpile decreased in 3 out of 5 PADDs. PADD 3 (Gulf Coast) alone saw -2.97 mmb fall in stockpile. Cushing stock added +0.2 mmb to 58.41 mmb. Utilization rate decreased -0.8 percentage point to 79.1% while crude production slipped -0.1M bpd to 11M bpd for the week. Crude oil imports dropped -1.06M bpd to 5.424M bpd in the week.
Concerning refined oil product inventories, gasoline inventory added +1.02 mmb to 238.88 mmb although demand gained +4.93% to 7.98M bpd. The market had anticipated a +1.61 mmb increase in stockpile. Production gained +2.18% to 8.52M bpd while imports fell -22.7% to 0.61M bpd during the week. Distillate gained +0.17 mmb to 151.26 mmb. The market had anticipated a +0.89 mmb decrease. Demand jumped +18.1% to 4M bpd. Production slipped -1.43% to 4.6 mmb while imports jumped -76.34% to 0.49M bpd during the week.
A day earlier, the industry-sponsored API estimated that crude oil inventory gained +1.97 mmb. Gasoline stockpiled edged slightly higher, by +0.83 mmb, while that for distillate soared +4.76 mmb.
