The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks dropped -0.57 mmb to 1421.11 mmb in the week ended September 25. Crude oil inventory dropped -1.98 mmb (consensus: +1.57 mmb) to 492.43 mmb. Stockpile decreased in 4 out of 5 PADDs. PADD 5 (West Coast) inventory alone was down -2.56 mmb during the week. Cushing stock added +1.79 mmb to 56.07 mmb. Utilization rate added +1 percentage point to 75.8% while crude production steadied at 10.7M bpd for the week. Crude oil imports decreased +0.046 bpd to 5.12M bpd in the week.
Concerning refined oil product inventories, gasoline inventory gained +0.68 mmb to 228.18 mmb although demand added +0.17% to 8.29M bpd. The market had anticipated a -1.08 mmb decrease in stockpile. Production dropped -4.54% to 8.89M bpd while imports soared +54.43% to 0.73M bpd during the week. Distillate slipped -3.18 mmb to 172.76 mmb. The market had anticipated a -0.92 mmb decrease. Demand fell -7.68% to 3.66M bpd. Production dipped -2.51% to 4.36 mmb while imports gained +3.68% to 0.14M bpd during the week.
A day earlier, the industry-sponsored API estimated that crude oil inventory slipped -0.83 mmb during the week. For refined oil products, gasoline inventory slumped -1.62 mmb while that for distillate was down -3.42 mmb.