The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks sank -10.39 mmb to 1233.43 mmb in the week ended September 3. Crude oil inventory declined for a 8 consecutive week, down -1.53 mmb (consensus: -4.61 mmb) to 423.87 mmb. Stockpile fell in PADD 3, 4 and 5. PADD 3 (Gulf Coast) alone saw 2.59 mmb decline during the week. Cushing stock gained +1.92 mmb to 36.42 mmb. Utilization rate sank -9.4 percentage points to 81.9% while crude production dipped -1.5 mmb higher to 10M bpd for the week. Crude oil imports decreased -0.53M bpd to 5.81M bpd in the week. Concerning refined oil product inventories, gasoline inventory added +1.29 mmb to 227.21 mmb although demand also gained +0.31% to 9.62M bpd. The market had anticipated a -3.39 mmb fall in stockpile. Production slipped -3.39% to 9.58M bpd while imports slumped -21% to 0.9M bpd during the week. Distillate stockpile dropped -1.73 mmb to 136.73 mmb. The market had anticipated a -2..62 mmb decrease. Demand plunged -16.06% to 3.69M bpd. Production sank -12.997% to 4.19 mmb while imports slumped -60.99% to 0.14M bpd during the week.
A day earlier, the industry-sponsored API estimated that crude oil inventory was down -2.88 mmb. Gasoline stockpile fell -6.41 mmb, while that for distillate dropped -3.75 mmb.