Thu, Oct 28, 2021 @ 07:13 GMT
HomeAction InsightOil N' GoldUS Crude Inventory Continued to Trim, while Petroleum Stockpile Gained Further

US Crude Inventory Continued to Trim, while Petroleum Stockpile Gained Further

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.

Featured Analysis

Learn Forex Trading