HomeAction InsightOil N' GoldUS Crude Inventory Increased, but Less than Expected

US Crude Inventory Increased, but Less than Expected

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks sank -1.63 mmb to 1285.52 mmb in the week ended April 23. Crude oil inventory climbed higher, by +0.09 mmb (consensus: +0.66 mmb) to 493.11 mmb. Stockpile increased in 4 out of 5 PADDs, but was partly offset by the sharp withdrawal (-5.07 mmb) in PADD 3 (Gulf Coast). Cushing stock added +0.72  mmb to 46.07 mmb. Utilization rate added +0.4 percentage point to 85.4% while crude production slipped -0.1M bpd to 10.9M bpd for the week. Crude oil imports increased +1.21M bpd to 6.62M bpd in the week.

Concerning refined oil product inventories, gasoline inventory gained +0.09 mmb, to 235.07 mmb although demand dropped -2.49% to 8.88M bpd. The market had anticipated a +0.51 mmb increase in stockpile. Production added +2.59% to 9.63M bpd while imports dropped -8.76% to 1.02M bpd during the week. Distillate stockpile declined -3.34 mmb to 139.05 mmb. The market had anticipated a -0.65 mmb fall. Demand rose +12.4% to 4.33M bpd. Production added +1.56% to 4.63 mmb while imports jumped +51.65% to 0.14M bpd during the week.

A day earlier, the industry-sponsored API estimated that crude oil inventory rose +4.32 mmb. Gasoline stockpile dropped -1.29 mmb, while that for distillate dropped -2.42 mmb.

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