The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks sank -10.39 mmb to 1233.43 mmb in the week ended September 3. Crude oil inventory declined for a 8 consecutive week, down -1.53 mmb (consensus: -4.61 mmb) to 423.87 mmb. Stockpile fell in PADD 3, 4 and 5. PADD 3 (Gulf Coast) alone saw 2.59 mmb decline during the week. Cushing stock gained +1.92 mmb to 36.42 mmb. Utilization rate sank -9.4 percentage points to 81.9% while crude production dipped -1.5 mmb higher to 10M bpd for the week. Crude oil imports decreased -0.53M bpd to 5.81M bpd in the week.