HomeAction InsightOil N' GoldUS Crude Oil Inventory Increased to Highest Level This Year

US Crude Oil Inventory Increased to Highest Level This Year

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks gained +1.32 mmb to 1283 mmb in the week ended March 5. Crude oil inventory soared +13.8 mmb (consensus: +3 mmb,) to 498.4 mmb. The increase remained large although it’s smaller than last month’s 21.6 mmb jump. Stockpile increased in 2 out of 5 PADDs. PADD 3 (Gulf Coast) alone saw stock-build of +15.2 mmb. Cushing stock gained +0.53 mmb to 48.8 mmb. Utilization rate rose 13 percentage point to 69% while crude production gained +0.9M bpd to 10.9M bpd for the week. Crude oil imports added +0.64M bpd to 5.66M bpd in the week.

Concerning refined oil product inventories, gasoline inventory declined -11.87 mmb to 231.6 mmb as demand rose +7.09% to 8.73M bpd. The market had anticipated a -3.46 mmb decrease in stockpile. Production rose +8.5% to 9.01M bpd while imports dropped -4.6% to 0.58M bpd during the week. Distillate stockpile fell -5.5 mmb to  137.49 mmb. The market had anticipated a -3.53 mmb decrease. Demand rallied +18.5% to 4.49M bpd. Production soared +27.8% to 3.7 mmb while imports jumped +47% to 0.47M bpd during the week.

A day earlier, the industry-sponsored API estimated that crude oil inventory gained +12.79 mmb. Gasoline stockpile declined -8.5 mmb, while that for distillate dropped -4.8 mmb.

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