The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks plunged -16.8 mmb to 1402.34 mmb in the week ended October 30. Crude oil inventory dived -8 mmb (consensus: +0.89 mmb) to 484.43 mmb. Stockpile increased in 4 out of 5 PADDs. However, PADD3 (Gulf Coast) inventory alone slumped -7.79 mmb during the week. Cushing stock added +0.94 mmb to 60.93 mmb. Utilization rate added +0.7 percentage points to 75.3% while crude production slipped -0.6M bpd to 10.5M bpd for the week. Crude oil imports decreased +0.64 bpd to 5.03M bpd in the week.
Concerning refined oil product inventories, gasoline inventory added +1.54 mmb to 227.67 mmb as demand fell -2.45% to 8.34M bpd. The market had anticipated a -0.87 mmb decrease in stockpile. Production slipped -0.25% to 9.07M bpd while imports jumped +36.96% to 0.63M bpd during the week. Distillate dropped -1.58 mmb to 154.64 mmb. The market had anticipated a -2.02 mmb decrease. Demand plunged -11.27% to 3.76M bpd. Production gained +3.61% to 4.28 mmb while imports dropped -3.49% to 0.33M bpd during the week.
A day earlier, the industry-sponsored API estimated that crude oil inventory plummeted -8.01 mmb during the week. For refined oil products, gasoline inventory added +2.45 mmb while that for distillate slipped -0.58 mmb.