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.
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.