The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks sank -9.43 mmb to 1334.27 mmb in the week ended January 8. Crude oil inventory dropped -3.25 mmb (consensus: -2.27 mmb) to 482.21 mmb. Stockpile decreased in 4 out of 5 PADDs. PADD 3 (Gulf Coast) alone saw -2.43 mmb decline in stockpile. Cushing stock slipped -1.98 mmb to 57.23 mmb. Utilization rate increased +1.3 percentage point to 82% while crude production steadied at 11M bpd for the week. Crude oil imports added +0.87M bpd to 6.24M bpd in the week.
Concerning refined oil product inventories, gasoline inventory rose +4.4 mmb to 245.48 mmb although demand added +1.22% to 7.44M bpd. The market had anticipated a +2.7 mmb increase in stockpile. Production dropped -6.22% to 7.51M bpd while imports plunged -13.93% to 0.38M bpd during the week. Distillate stockpile rose +4.79 mmb to 163.21 mmb. The market had anticipated a +2.67 mmb decrease. Demand jumped +22.71% to 3.61M bpd. Production slipped -2.59% to 4.66 mmb while imports gained +14.57% to 0.35M bpd during the week.
A day earlier, the industry-sponsored API estimated that crude oil inventory dropped -1.66 mmb. Gasoline stockpiled jumped +5.47 mmb, while that for distillate soared +7.14 mmb.
