Thu, Jul 29, 2021 @ 13:16 GMT
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US Crude Inventory Sank Much More than Expected

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks declined -4.58 mmb to 1278.28 mmb in the week ended June 25. Crude oil inventory slumped -6.72 mmb (consensus: -4.69 mmb) to 452.34 mmb. Stockpile decreased in 4 out of 5 PADDs. PADD 3 (Gulf Coast) saw declines of -4.93 mmb. Cushing stock sank -1.46 mmb to 40.26 mmb. Utilization rate increased +0.5 percentage points to 92.9% while crude production steadied at 11.1M bpd for the week. Crude oil imports decreased -0.54M bpd to 6.94M bpd in the week.

Concerning refined oil product inventories, gasoline inventory gained +1.52 mmb to 241.57 mmb as demand slipped -2.83% to 9.17M bpd. The market had anticipated a -0.89 mmb gain in stockpile. Production dropped -7.25% to 9.58M bpd while imports were down -5.95% to 0.79M bpd during the week. Distillate stockpile slipped -0.87 mmb to 137.08 mmb. The market had anticipated a +0.48 mmb increase. Demand rose +5.65% to 4.17M bpd. Production dipped -1.62% to 5.03 mmb while imports fell -11.23% to 0.25M bpd during the week.

A day earlier, the industry-sponsored API estimated that crude oil inventory was down -8.15 mmb. Gasoline stockpile gained +2.42 mmb, while that for distillate added +0.43 mmb.

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