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.
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.