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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