HomeAction InsightOil N' GoldUS Crude Oil Inventory Gained More Than Expected, Weighing on Prices

US Crude Oil Inventory Gained More Than Expected, Weighing on Prices

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks added +0.63 mmb to 1233.92 mmb in the week ended October 29. Crude oil inventory rose +3.29 mmb to 434.1 mmb, compared with consensus of a +2.23 mmb increase. Inventory increased in 4 out of 5 PADDs. PADD3 (Gulf Coast) alone saw +1.96 mmb growth during the week. Cushing stock slipped -0.92 mmb to 26.42. Utilization rate added +1.2 percentage points to 86.3% while crude production added +0.2 mmb to 11.5M bpd for the week. Crude oil imports decreased -0.08M bpd to 6.17M bpd in the week. Concerning refined oil product inventories, gasoline inventory dropped -1.49 mmb to 214.26 mmb while demand added +1.94% to 9.5M bpd. The market had anticipated a -1.33 mmb fall in stockpile. Production gained +1.03% to 10.18M bpd while imports soared +29.98% to 0.56M bpd during the week. Distillate stockpile gained +2.16 mmb to 127.12 mmb. The market had anticipated a -1.44 mmb decrease. Demand fell -4.73% to 3.87M bpd. Imports dlumped -41.54% to 0.2 mmb while production rose +5.5% to 4.83M bpd during the week. A day earlier, the industry-sponsored API estimated that crude oil inventory rose +3.59 mmb. Gasoline stockpile slipped -0.55 mmb, while that for distillate was up +0.57 mmb.

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