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.
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.