HomeAction InsightOil N' GoldUS Crude Oil and Petroleum Inventory Unexpectedly Dropped

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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