Mon, Sep 27, 2021 @ 01:33 GMT
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Crude Oil Price Recovered as US Inventory Resumed Decline. Outlook Remains Masked by Delta

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks slipped -0.14 mmb to 1267.52 mmb in the week ended August 6. Crude oil inventory resumed decline, falling-0.45 mmb (consensus: -1.27 mmb) to 438.78 mmb. Stockpile decreased in PADD 1, 2, and 3. Cushing stock slipped -0.33 mmb to 34.58 mmb. Utilization rate increased +0.5 percentage points to 91.8% while crude production climbed +0.1 mmb higher to 11.3M bpd for the week. Crude oil imports decreased -0.04M bpd to 6.4M bpd in the week.Concerning refined oil product inventories, gasoline inventory fell -1.4 mmb to 227.47 mmb although demand also dropped -3.53% to 9.43M bpd. The market had anticipated a -1.66 mmb fall in stockpile. Production slipped -1.87% to 9.96M bpd while imports were up +9.47% to 0.93M bpd during the week. Distillate stockpile rose +1.77 mmb to 140.51 mmb. The market had anticipated a +0.47 mmb increase. Demand added +3.21% to 3.73M bpd. Production added +0.16% to 4.89 mmb while imports rose +14.2% to 0.19M bpd during the week.

A day earlier, the industry-sponsored API estimated that crude oil inventory was down -0.82 mmb. Gasoline stockpile dipped -1.11 mmb, while that for distillate gained +0.67 mmb.

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