Thu, Oct 28, 2021 @ 08:30 GMT
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Crude Oil Rebounded as US Inventory Declined. Petroleum Inventory Mixed

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks sank -11.71 mmb to 1321.88 mmb in the week ended January 22. Crude oil inventory dropped -9.91 mmb (consensus: +0.43 mmb) to 476.65 mmb. Stockpile decreased in 4 out of 5 PADDs. PADD 3 (Gulf Coast) alone saw -6.43 mmb decline in stockpile. Cushing stock slipped -2.28 mmb to 50.22 mmb. Utilization rate decreased -0.8 percentage point to 81.7% while crude production slid -0.1M bpd to 10.9M bpd for the week. Crude oil imports dropped -0.98M bpd to 5.06M bpd in the week. Concerning refined oil product inventories, gasoline inventory gained +2.47 mmb to 247.69 mmb as demand fell -3.44% to 7.73M bpd. The market had anticipated a +1.76 mmb increase in stockpile. Production dropped -2.39% to 8.67M bpd while imports plunged -7.74% to 0.47M bpd during the week. Distillate stockpile slipped -0.82 mmb to 162.85 mmb. The market had anticipated a -0.36 mmb decrease. Demand rose +12.54% to 4.3M bpd. Production slipped -0.24% to 4.52 mmb while imports added +3.04% to 0.47M bpd during the week.

A day earlier, the industry-sponsored API estimated that crude oil inventory dropped -5.27 mmb. Gasoline stockpile jumped +3.06 mmb, while that for distillate soared +1.4 mmb.

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