US Crude Oil Inventory Fell, While Fuel Stockpile Gained
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks jumped +11.66 mmb to 1315.23 mmb in the week ended July 12. Crude oil inventory declined -3.12 mmb to 455.88 mmb (consensus: -2.69 mmb). Inventories fell in 4 out of 5 PADDs. Stockpile in PADD2 (Midwest) alone dipped -1.5 mmb during the week. Cushing stock slipped -1.35 mmb to 50.83 mmb. Utilization rate dropped -0.3 percentage point to 94.4% while crude production slipped -0.3M bpd to 12M bpd for the week. Crude oil imports dropped -0.47M bpd to 6.83M bpd in the week.
Concerning refined oil product inventories, gasoline inventory rose +3.57 mmb to 232.75 mmb as demand plunged -5.54% to 9.21M bpd. The market had anticipated a -0.93 mmb decrease in stockpile. Production fell -5.4% to 9.86 bpd while imports slipped -2.18% to 0.85M bpd during the week. Distillate inventory gained +5.69 mmb to 136.2 mmb. Demand added +0.39% to 3.57M bpd. The market had anticipated a +0.61 mmb increase in inventory. Production was largely unchanged at 5.36M bpd while imports slumped -27.1% to 0.13M bpd during the week. Released after market close on Thursday, the industry- sponsored API estimated that crude oil inventory dropped -1.4 mmb during the week. For refined oil products, gasoline stockpile slipped -0.48 mmb while distillate gained +6.2 mmb.