The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks rose +4.27 mmb to 1222.16 mmb in the week ended November 26. Crude oil inventory dropped -0.91 mmb to 433 mmb, compared with consensus of a -1.24 mmb decrease. Inventory increased in 3 out of 5 PADDs. For instance, PADD 3 (Gulf Coast) fell -2.81 mmb during the week. Cushing stock added +1.16 mmb to 28.54. Utilization rate added +0.2 percentage points to 88.8% while crude production added +0.1 mmb to 11.6M bpd for the week. Crude oil imports increased -0.178M bpd to 6.6M bpd in the week.
Concerning refined oil product inventories, gasoline inventory gained +4.03 mmb to 215.42 mmb while demand dropped -5.76 % to 8.8M bpd. The market had anticipated a +0.03 mmb growth in stockpile. Production slipped -4.46% to 9.65M bpd while imports soared +33.13% to 0.64M bpd during the week. Distillate stockpile gained +2.16 mmb to 123.88 mmb. The market had anticipated a +0.46 mmb increase. Demand fell -4.14% to 4.21M bpd. Imports slumped -29.52% to 0.23 mmb while production dropped -8.29% to 4.39M bpd during the week.
A day earlier, the industry-sponsored API estimated that crude oil inventory slipped -0.75 mmb. Gasoline stockpile rose +2.2 mmb, while that for distillate was up +0.8 mmb.
