The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks soared +15.47 mmb to 1293.31 mmb in the week ended May 28. Crude oil inventory plunged -5.24 mmb (consensus: -2.04 mmb) to 474.03 mmb. Stockpile decreased in 2 out of 5 PADDs. PADD 3 (Gulf Coast) saw declines of -6.79 mmb. Cushing stock added +0.17 mmb to 45.7 mmb. Utilization rate increased +2.6 percentage points to 91.3% while crude production added +0.2M bpd to 11M bpd for the week. Crude oil imports increased +1.01M bpd to 6.64M bpd in the week. Concerning refined oil product inventories, gasoline inventory jumped +7.05 mmb, to 241.03 mmb as demand declined -7.32% to 8.48M bpd. The market had anticipated a +0.7 mmb gain in stockpile. Production slipped -1.41% to 9.43M bpd while imports soared +12.54% to 1.05M bpd during the week. Distillate stockpile rose +4.41 mmb to 137.21 mmb. The market had anticipated a +1.36 mmb increase. Demand slumped -10.5% to 3.41M bpd. Production added +2.31% to 4.92 mmb while imports fell -63.37% to 0.19M bpd during the week.
A day earlier, the industry-sponsored API estimated that crude oil inventory was down -2.11 mmb. Gasoline stockpile gained +2.41 mmb, while that for distillate added +3.75 mmb.