Thu, Jul 07, 2022 @ 17:33 GMT
HomeAction InsightOil N' GoldWTI Crude Oil Price Jumped as US Inventory Fell More than Expected

WTI Crude Oil Price Jumped as US Inventory Fell More than Expected

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks plummeted -9.05 mmb to 1283.58 mmb in the week ended April 9. Crude oil inventory slumped -5.89 mmb (consensus: -2.89 mmb) to 492.42 mmb. Stockpile decreased in 3 out of 5 PADDs. PADD 3 (Gulf Coast) alone saw decline of over -6 mmb. Cushing stock added +0.35  mmb to 46.67 mmb. Utilization rate edged +0.1 percentage point higher to 85% while crude production added +0.1M bpd to 11M bpd for the week. Crude oil imports decreased -0.41M bpd to5.85M bpd in the week. Concerning refined oil product inventories, gasoline inventory gained +0.31 mmb, to 234.9 mmb although demand gained +1.9% to 8.94M bpd. The market had anticipated a +0.79 mmb decrease in stockpile. Production added +3.6% to 9.62M bpd while imports plunged -35.3% to 0.84M bpd during the week. Distillate stockpile declined -2.08 mmb to 143.46 mmb. The market had anticipated a +0.97 mmb gain. Demand rose +12.7% to 4.13M bpd. Production added +0.1% to 4.64 mmb while imports fell -19.7% to 0.26M bpd during the week.

A day earlier, the industry-sponsored API estimated that crude oil inventory fell -3.61 mmb. Gasoline stockpile rose +5.57 mmb, while that for distillate dropped -3.01 mmb.

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