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Home Action Insight Oil N' Gold Crude Oil Remained Under Pressure although Inventory Surprisingly Increased

Crude Oil Remained Under Pressure although Inventory Surprisingly Increased

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks dropped -1.35 mmb to 1290.33 mmb in the week ended March 26. Crude oil inventory slipped -0.88 mmb (consensus: -0.1 mmb) to 501.84 mmb. Stockpile decreased in 3 out of 5 PADDs. Cushing stock added +0.78 mmb to 47.06 mmb. Utilization rate rose +2.3 percentage point to 83.9% while crude production climbed +0.1 M bpf to 11.1M bpd for the week. Crude oil imports increased +0.5M bpd to 6.15M bpd in the week.


Concerning refined oil product inventories, gasoline inventory decreased -1.74 mmb, to 230.54 mmb as demand gained +3.2% to 8.89M bpd. The market had anticipated a +0.73 mmb decrease in stockpile. Production increased +8.9% to 9.34M bpd while imports slumped -34.1% to 0.62M bpd during the week. Distillate stockpile gained +2.54 mmb to 144.1 mmb. The market had anticipated a +0.17 mmb decrease. Demand soared +14.5% to 4.11M bpd. Production added +3% to 4.74 mmb while imports fell -33.6% to 0.44M bpd during the week.

A day earlier, the industry-sponsored API estimated that crude oil inventory rose +3.91 mmb. Gasoline stockpile sank -6.01 mmb, while that for distillate added +2.6 mmb.

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