Thu, Jul 29, 2021 @ 11:17 GMT
HomeAction InsightOil N' GoldUS Crude Oil Inventory Surprisingly Increased for First Time in 3 Months

US Crude Oil Inventory Surprisingly Increased for First Time in 3 Months

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks rose +4.42 mmb to 1275.28 mmb in the week ended June 16. Crude oil inventory increased, for the first time since mid-April, by +2.11 mmb (consensus: -4.47 mmb) to 439.69 mmb. Stockpile increased in 3 out of 5 PADDs. PADD 3 (Gulf Coast) saw growth of +1.9 mmb. Cushing stock sank -1.35 mmb to 36.71 mmb. Utilization rate decreased -0.4 percentage points to 91.4% while crude production steadied at 11.4M bpd for the week. Crude oil imports increased +0.88M bpd to 7.1M bpd in the week. Concerning refined oil product inventories, gasoline inventory slipped -0.12 mmb to 236.41 mmb as demand added +0.13% to 9.3M bpd. The market had anticipated a -1.04 mmb fall in stockpile. Production dropped -7.38% to 9.13M bpd while imports were up +31.61% to 1.37M bpd during the week. Distillate stockpile dropped -1.35 mmb to 141 mmb. The market had anticipated a +0.56 mmb increase. Demand jumped +24.05% to 3.93M bpd. Production dipped -0.49% to 4.9 mmb while imports rose +12.99% to 0.087M bpd during the week

A day earlier, the industry-sponsored API estimated that crude oil inventory was up +0.81 mmb. Gasoline stockpile gained +3.31 mmb, while that for distillate dropped -1.23 mmb

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