Wed, Jun 29, 2022 @ 22:36 GMT
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US Crude Oil and Petroleum Inventory Unexpectedly Dropped

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks slumped -15.87 mmb to 1210.49 mmb in the week ended December 10. Crude oil inventory dropped -4.58 mmb to 428.29 mmb, compared with consensus of a +0.82 mmb increase. Inventory increased in 3 out of 5 PADDs. PADD 3 (Gulf Coast) alone saw inventory draw of -3.8 mmb. Cushing stock added +1.29 mmb to 32.21. Utilization rate stayed unchanged at 89.8% while crude production steadied at 11.7M bpd for the week. Crude oil imports decreased -0.03M bpd to 6.47M bpd in the week.

Concerning refined oil product inventories, gasoline inventory dropped -0.72 mmb to 218.89 mmb while demand jumped +5.68% to 9.47M bpd. The market had anticipated a +1.6 mmb growth in stockpile. Production rose +8.96% to 10.42M bpd while imports plunged -10.57 % to 0.5M bpd during the week. Distillate stockpile fell -2.85 mmb to 123.76 mmb. The market had anticipated a +0.69 mmb increase. Demand soared +36.84% to 4.9M bpd. Imports rose +66.7% to 0.45 mmb while production slipped -2.14% to 4.81M bpd during the week.

A day earlier, the industry-sponsored API estimated that crude oil inventory added +0.82 mmb. Gasoline stockpile gained +0.43 mmb, while that for distillate was down -1.02 mmb.

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