Sat, Oct 23, 2021 @ 23:41 GMT
HomeAction InsightOil N' GoldUS Crude Oil Inventory Plunged 6.42 mbb, almost Doubling Expectations

US Crude Oil Inventory Plunged 6.42 mbb, almost Doubling Expectations

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks fell -8.78 mmb to 1234.64 mmb in the week ended September 10. Crude oil inventory sank -6.42 mmb (consensus: -3.54 mmb) to 417.45 mmb. Stockpile fell in 4 out of 5 PADDs. PADD 3 (Gulf Coast) alone saw -3.85 mmb decline during the week. Cushing stock dropped -1.1 mmb to 35.32. This marks the first decline in 4 weeks. Utilization rate added +0.2  percentage points to 82.1% while crude production edged +0.1 mmb higher to 10.1M bpd for the week. Crude oil imports decreased -0.05M bpd to 5.76M bpd in the week. Concerning refined oil product inventories, gasoline inventory slipped -1.86 mmb to 218.14 mmb although demand declined -7.45% to 8.89M bpd. The market had anticipated a -1.96 mmb fall in stockpile. Production plunged -8.41% to 9.27M bpd while imports slumped -29% to 0.64M bpd during the week. Distillate stockpile dropped -1.69 mmb to 131.9 mmb. The market had anticipated a -161 mmb decrease. Demand gained +2.99% to 3.8M bpd. Imports slipped -0.69% to 4.16 mmb while production jumped +15.49% to 0.16M bpd during the week.

A day earlier, the industry-sponsored API estimated that crude oil inventory was sank -5.44 mmb. Gasoline stockpile dropped -2.76 mmb, while that for distillate dipped -2.89 mmb.

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