HomeAction InsightOil N' GoldUS Crude Oil Inventory Increased Much More Than Expected

US Crude Oil Inventory Increased Much More Than Expected

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products stocks jumped +5.36 mmb (consensus: +0.74 mmb) to 1187.73 mmb in the week ended April 27. Crude oil inventory soared +6.22 mmb to 435.96 mmb, amidst increases in 3 out of 5 PADDs. PADD 5 (a region that includes the western states of California, Arizona, Nevada, Oregon, Washington, Alaska, and Hawaii) alone saw inventory gain of +4.88 mmb. Cushing stock gained +0.42 mmb to 35.78 mmb. Utilization rate increased +0.3% to 91.1%. Meanwhile, crude production increased +0.03M bpd to 10.62M bpd for the week.

For refined oil products, gasoline inventory increased +1.17 mmb to 237.98 mmb although demand added +0.08% to 9.09M bpd. This was compared with consensus of a -0.59 mmb drop. Production rose +1.61% to 10.05M bpd while imports gained +3.01% to 0.92M bpd during the week. Distillate inventory fell -3.18 mmb to 118.83 mmb although demand jumped +19.63% to 4.49M bpd. The market had anticipated a -0.59 mmb draw. Production added +0.36% to 5M bpd while imports plunged -38.21% to 0.08M bpd during the week.

Released after market close on Tuesday, the industry- sponsored API estimated that crude oil inventory gained +3.43 mmb during the week. For refined oil products, gasoline distillate added +1.6 mmb while distillate fell -4.08 mmb.

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