The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products stocks gained +1.39 mmb to 1182.36 mmb in the week ended April 20. Crude oil inventory added +2.17 mmb to 429.74 mmb, amidst increases in 3 out of 5 PADDs. The market had anticipated a -2.04 mmb decline. Cushing stock gained +0.46 mmb to 35.37 mmb. Utilization rate decreased -1.6% to 90.8%. Meanwhile, crude production increased +0.44M bpd to 10.59M bpd for the week.
For refined oil products, gasoline inventory increased +0.84 mmb to 236.81 mmb as demand plunged -7.85% to 9.08M bpd. This was compared with consensus of a -0.63 mmb drop. Production dropped -3.12% to 9.89M bpd while imports soared +27.07% to 0.9M bpd during the week. Distillate inventory fell -2.61 mmb to 122.73 mmb although demand slumped -13.94% to 3.75M bpd. The market had anticipated a -0.86 mmb draw. Production slipped -2.3% to 4.98M bpd while imports soared +19.42% to 0.12M bpd during the week.
Released after market close on Tuesday, the industry- sponsored API estimated that crude oil inventory gained +1.1 mmb during the week. For refined oil products, gasoline distillate dropped -2.72 mmb while distillate fell -1.91 mmb.