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.
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.