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Home Action Insight Oil N' Gold US Crude Oil and Distillate Inventory Dropped while Gasoline Gained Last Week

US Crude Oil and Distillate Inventory Dropped while Gasoline Gained Last Week

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks gained +2.92 mmb to 1324.8 mmb in the week ended January 29. Crude oil inventory slipped -0.99 mmb (consensus: +0.45 mmb) to 475.66 mmb. Stockpile decreased in 4 out of 5 PADDs. PADD 2 (Midwest) alone saw -1.46 mmb decline in stockpile. Cushing stock dropped -1.52 mmb to 48.7 mmb. Utilization rate decreased -0.6 percentage point to 82.3% while crude production steadied 10.9M bpd for the week. Crude oil imports added +1.44M bpd to 6.51M bpd in the week.

Concerning refined oil product inventories, gasoline inventory rose +4.47 mmb to 252.15 mmb as demand slipped -0.8% to 7.77M bpd. The market had anticipated a +1.13 mmb increase in stockpile. Production dropped -2.92% to 8.42M bpd while imports jumped +22.15% to 0.57M bpd during the week. Distillate stockpile slipped -0.01 mmb to 162.84 mmb. The market had anticipated a -0.43 mmb decrease. Demand dropped -2.37% to 4.2M bpd. Production added +2.3% to 4.62 mmb while imports rose +9.28% to 0.52M bpd during the week.

A day earlier, the industry-sponsored API estimated that crude oil inventory fell -4.26 mmb. Gasoline stockpile slipped -0.24 mmb, while that for distillate dropped -1.62 mmb.

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