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.
