Thu, Jun 24, 2021 @ 04:12 GMT
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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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