The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products stocks fell -3.94 mmb to 1185.58 mmb in the week ended March 30. Crude oil inventory declined -4.62 mmb to 425.33 mmb, amidst decreases in 4 out of 5 PADDs. Stockpile in PADD 3 slumped -6.95 mmb for the week. Cushing stock rose +3.67 mmb to 34.89 mmb. Utilization rate increased +0.7% to 93%. Meanwhile, crude production increased +0.26M bpd to 10.46M bpd for the week.
For refined oil products, gasoline inventory fell -1.12 mmb to 238.48 mmb although demand dropped -0.05% to 9.2M bpd. Production dropped -1.84% to 10.12M bpd while imports jumped +11.1% to 0.76M bpd during the week. Distillate inventory gained +0.54 mmb to 129.49 mmb as demand plunged -11.15% to 3.89M bpd. Production added +3.55% to 5.01M bpd while imports tumbled -34% to 0.1M bpd during the week.