HomeAction InsightOil N' GoldUS Crude Oil and Product Inventories Fell Across the Board

US Crude Oil and Product Inventories Fell Across the Board

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products stocks fell -1.55 mmb to 1186.18 mmb in the week ended May April 4. Crude oil inventory fell -2.2 mmb (consensus: -0.72 mmb) to 433.76 mmb, amidst falls in 3 out of 5 PADDs. PADD 3 alone saw inventory decline of -2.54 mmb. Cushing stock gained +1.39 mmb to 37.17 mmb. Utilization rate decreased -0.7% to 90.4%. Meanwhile, crude production increased +0.08M bpd to 10.7M bpd for the week.

For refined oil products, gasoline inventory decreased -0.45 mmb to 235.8 mmb as demand jumped +7.54% to 9.78M bpd. This was compared with consensus of a -0.59 mmb drop. Production slipped -0.71% to 9.97M bpd while imports plunged -13% to 0.8M bpd during the week. Distillate inventory fell -3.79 mmb to 115.04 mmb although demand dropped -3.97% to 4.31M bpd. The market had anticipated a -1.38 mmb draw. Production dropped -0.04% to 5M bpd while imports jumped +68.42% to 0.13M bpd during the week.

Released after market close on Tuesday, the industry- sponsored API estimated that crude oil inventory dropped -1.9 mmb during the week. For refined oil products, gasoline distillate fell -2.1 mmb while distillate slumped -6.7 mmb.

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