HomeAction InsightOil N' GoldUS Crude Inventory Sank Much More than Expected

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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