The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks gained +2.31 mmb to 1292.63 mmb in the week ended April 2. Crude oil inventory sank -3 522 mmb (consensus: -1.44 mmb) to 498.31 mmb. Stockpile decreased in 4 out of 5 PADDs. Cushing stock slipped -0.74 mmb to 46.32 mmb. Utilization rate edged +0.1 percentage point to 84% while crude production slid -0.2 M bpf to 10.9M bpd for the week. Crude oil imports increased +0.12M bpd to 6.26M bpd in the week.
Concerning refined oil product inventories, gasoline inventory rose +4.04 mmb, to 234.59 mmb as demand dropped -1.24% to 8.78M bpd. The market had anticipated a -0.22 mmb decrease in stockpile. Production decreased +0.64% to 9.28M bpd while imports jumped +28.8% to 0.16M bpd during the week. Distillate stockpile added +1.45 mmb to 145.55 mmb. The market had anticipated a +0.49 mmb gain. Demand plunged -10.92% to 3.66M bpd. Production slipped 2.09% to 4.64 mmb while imports fell -26.3% to 0.33M bpd during the week.
A day earlier, the industry-sponsored API estimated that crude oil inventory fell -2.62 mmb. Gasoline stockpile rose +4.55 mmb, while that for distillate added +2.81 mmb.