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.
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