Sat, Oct 23, 2021 @ 23:29 GMT
HomeAction InsightOil N' GoldUS Crude Oil Inventory Fell More than Expected, while Gasoline Stockpile Gained

US Crude Oil Inventory Fell More than Expected, while Gasoline Stockpile Gained

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 170. Crude oil inventory fell -3.48 mmb (consensus: -2.44 mmb) to 413.96 mmb. Stockpile fell in 4 out of 5 PADDs. PADD2 (Midwest) alone saw -2.73 mmb decline during the week. Cushing stock slipped -1.48 mmb to 33.84. Utilization rate soared +5.4 percentage points to 87.5% while crude production gained +0.5 mmb to 10.6M bpd for the week. Crude oil imports increased +0.7M bpd to 6.47M bpd in the week.Concerning refined oil product inventories, gasoline inventory rose +3.47 mmb to 221.62 mmb while demand added +0.04% to 8.9M bpd. The market had anticipated a -1.07 mmb fall in stockpile. Production gained +4.01% to 9.64M bpd while imports soared +69.59% to 1.08M bpd during the week. Distillate stockpile declined -2.55 mmb to 129.34 mmb. The market had anticipated a -1.19 mmb decrease. Demand soared +16.57% to 4.42M bpd. Imports rose +12.2% to 0.18 mmb while production gained +7.17% to 4.45M bpd during the week.

A day earlier, the industry-sponsored API estimated that crude oil inventory sank -6.11 mmb. Gasoline stockpile dropped -0.43 mmb, while that for distillate was down -2.72 mmb.

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