Mon, Oct 03, 2022 @ 15:22 GMT
HomeAction InsightOil N' GoldUS Crude Oil and Petroleum Inventory Fell Across the Board

US Crude Oil and Petroleum Inventory Fell Across the Board

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks slumped -1891 mmb to 1184.59 mmb in the week ended December 24. Crude oil inventory dropped -3.58 mmb to 420 mmb, compared with consensus of a +3.09 mmb increase. Inventory decreased in 3 out of 5 PADDs. PADD 3 (Gulf Coast) alone saw inventory draw of -4.3 mmb. Cushing stock added +1.06 mmb to 34.73. Utilization rate stayed added +0.1 ppt to 89.7% while crude production added +0.2 mmb to 11.8M bpd for the week. Crude oil imports increased +0.57M bpd to 6.76M bpd in the week.

Concerning refined oil product inventories, gasoline inventory dropped -1.46 mmb to 222.66 mmb while demand gained +8.21% to 9.72M bpd. The market had anticipated a +0.49 mmb growth in stockpile. Production added +1.72% to 10.11M bpd while imports plunged -37.21 % to 0.43M bpd during the week. Distillate stockpile fell -1.73 mmb to 122.43 mmb. The market had anticipated a +0.18 mmb increase. Demand rose +5.99% to 4.05M bpd. Imports dropped -20.2% to 0.16 mmb while production added +1.71% to 4.94M bpd during the week.

A day earlier, the industry-sponsored API estimated that crude oil inventory fell -3.09 mmb. Gasoline stockpile slipped -0.32 mmb, while that for distillate was down -0.72 mmb.

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