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US Crude Oil Inventory Fell More Than Expected, While Fuel Stockpiles Unexpectedly Soared

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products stocks rose +3.55 mmb to 1226.61 mmb in the week ended September 1. Crude oil inventory declined -4.3 mmb (consensus: -1.29 mmb) to 401.49 mmb. Inventories decreased in 4 out of 5 PADDs. Cushing stock added +0.55 mmb to 24.83 mmb. Utilization rate added +0.3% to 96.6%. Meanwhile, crude production steadied at 11M bpd for the week.

Concerning refined oil product inventories, gasoline inventory gained +1.85 mmb to 234.62 mmb as demand dropped -1.67% to 9.73M bpd. The market had anticipated a -0.81 mmb decrease in stockpile. Production slid -0.22% to 10.22M bpd while imports soared +13.83% to 0.99M bpd during the week. Distillate inventory added +3.12 mmb to 133.12 mmb as demand declined -3.31% to 4.29M bpd. The market had anticipated a +0.74 mmb gain in inventory. Production rose 5.02% to 5.44M bpd while imports rose +4.38% to 0.29M bpd during the week.

Released after market close on Wednesday, the industry- sponsored API estimated that crude oil inventory slipped -1.17 mmb during the week. For refined oil products, gasoline stockpile added +1 mmb while distillate was up +1.8 mmb.

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