The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks slumped -7.67 mmb to 1275.92 mmb in the week ended May 21. Crude oil inventory fell -1.66 mmb (consensus: -1.05 mmb) to 484.35 mmb. Stockpile decreased in 4 out of 5 PADDs. PADD 2 (Midwest) and PADD 3 (Gulf Coast) saw declines of -1.69 mmb and -1.9 mmb, respectively. Cushing stock dropped -1.01 mmb to 44.76 mmb. Utilization rate added +0.7 percentage point to 87% while crude production steadied at 11M bpd for the week. Crude oil imports decreased -0.14M bpd to 6.27M bpd in the week.
A day earlier, the industry-sponsored API estimated that crude oil inventory was down -0.44 mmb. Gasoline stockpile dropped -1.99 mmb, while that for distillate plunged -5.14 mmb.