The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks sank -8.87 mmb to 1223.87 mmb in the week ended November 12. Crude oil inventory dropped -2.1 mmb to 433 mmb, compared with consensus of a +1.4 mmb increase. Inventory increased in 3 out of 5 PADDs. Yet, PADD3 (Gulf Coast) slumped -4.87 mmb growth during the week. Cushing stock added +0.22 mmb to 26.6. Utilization rate added +1.2 percentage points to 87.9% while crude production slipped -0.1 mmb to 11.4M bpd for the week. Crude oil imports increased -0.08M bpd to 6.19M bpd in the week.
A day earlier, the industry-sponsored API estimated that crude oil inventory climbed higher, by +0.66 mmb. Gasoline stockpile dropped -2.79 mmb, while that for distillate was up +0.11 mmb.