Mon, Jun 14, 2021 @ 09:16 GMT
HomeAction InsightOil N' GoldDecline in US Crude Inventory More than Doubled Consensus

Decline in US Crude Inventory More than Doubled Consensus

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks added +1.92 mmb to 1277.85 mmb in the week ended May 28. Crude oil inventory sank -5.08 mmb (consensus: -2.44 mmb) to 479.27 mmb. Stockpile decreased in 3 out of 5 PADDs. PADD 3 (Gulf Coast) saw declines of -5.64 mmb. Cushing stock slipped -0.78 mmb to 45.54 mmb. Utilization rate increased +1.7 percentage points to 88.7% while crude production slipped -0.2M bpd to 10.8M bpd for the week. Crude oil imports decreased -0.64M bpd to 5.63M bpd in the week.

Concerning refined oil product inventories, gasoline inventory gained +1.5 mmb, to 233.98 mmb as demand fell -3.51% to 9.15M bpd. The market had anticipated a -1.48 mmb decrease in stockpile. Production slipped -1.87% to 9.57M bpd while imports dropped -4.35% to 1.03M bpd during the week. Distillate stockpile rose +3.72 mmb to 132.8 mmb. The market had anticipated a -1.48 mmb fall. Demand slumped -14.53% to 3.81M bpd. Production added +3.04% to 4.81 mmb while imports rallied -89.01% to 0.52M bpd during the week.
A day earlier, the industry-sponsored API estimated that crude oil inventory was down -5.36 mmb. Gasoline stockpile gained +2.51 mmb, while that for distillate added +1.59 mmb.

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